<SEC-DOCUMENT>0001213900-25-045566.txt : 20250520
<SEC-HEADER>0001213900-25-045566.hdr.sgml : 20250520
<ACCEPTANCE-DATETIME>20250519202244
ACCESSION NUMBER:		0001213900-25-045566
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20250519
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRF S.A.
		CENTRAL INDEX KEY:			0001122491
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15148
		FILM NUMBER:		25965873

	BUSINESS ADDRESS:	
		STREET 1:		AV DAS NACOES UNIDAS 14401 22ND-25TH
		STREET 2:		FLOORS TORRE A2 VILA GERTRUDES 04794-000
		CITY:			SAO PAULO SP BRAZIL
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		551123225377

	MAIL ADDRESS:	
		STREET 1:		AV DAS NACOES UNIDAS 14401 22ND-25TH
		STREET 2:		FLOORS TORRE A2 VILA GERTRUDES 04794-000
		CITY:			SAO PAULO SP BRAZIL
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRF-BRASIL FOODS S.A.
		DATE OF NAME CHANGE:	20090708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PERDIGAO SA
		DATE OF NAME CHANGE:	20000823
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea024266202-6k_brf.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>FORM
6-K<BR>
U.S. SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><FONT STYLE="font-size: 18pt"><BR>
</FONT><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>REPORT OF FOREIGN PRIVATE
ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE<BR>
<FONT STYLE="text-transform: uppercase">SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>dated&nbsp;May 19,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Commission File Number
1-15148</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 12pt"><B>BRF
S.A.</B></FONT><B><FONT STYLE="font-size: 18pt"><BR>
</FONT></B><FONT STYLE="font-size: 10pt">(Exact Name as Specified in its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>N/A</B><BR>
(Translation of Registrant&rsquo;s Name)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>14401
AV. DAS NACOES UNIDAS 22ND FLOOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>CHAC
SANTO ANTONIO 04730 090-S&atilde;o Paulo &ndash; SP, Brazil</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B></B>(Address of principal executive offices) (Zip code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Form 20-F&nbsp;<FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;
Form 40-F&nbsp;<FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Yes&nbsp;<FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;
No&nbsp;<FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">If &ldquo;Yes&rdquo; is
marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;This material includes
certain forward-looking statements that are based principally on current expectations and on projections of future events and financial
trends that currently affect or might affect the Company&rsquo;s business, and are not guarantees of future performance.&nbsp; These
forward-looking statements are based on management&rsquo;s expectations, which involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are beyond the Company&rsquo;s control and any of which could cause actual financial
condition and results of operations to differ materially from those set out in the Company&rsquo;s forward-looking statements.&nbsp;
You are cautioned not to put undue reliance on such forward-looking statements.&nbsp; The Company undertakes no obligation, and expressly
disclaims any obligation, to update or revise any forward-looking statements.&nbsp; The risks and uncertainties relating to the forward-looking
statements in this Report on Form 6-K, including Exhibit 1 hereto, include those described under the captions &ldquo;Forward-Looking
Statements&rdquo; and &ldquo;Item 3. Key Information &mdash; D. Risk Factors&rdquo; in the Company&rsquo;s annual report on Form 20-F
for the year ended December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in; background-color: white">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>Date: May&nbsp;19, 2025</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">BRF S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Fabio Luis Mendes Mariano</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 10pt">Fabio Luis Mendes Mariano</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>Chief Financial and Investor Relations Officer &nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><B>Exhibit</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="ea024266202ex99-1_brf.htm">Marfrig Global Foods S.A. Audited
    Individual and Consolidated financial statements as of and for the year ended December 31, 2024.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="ea024266202ex99-2_brf.htm">Marfrig Global Foods S.A. Interim Financial Information, Individual and Consolidated as of and for the three months ended March 31, 2025</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ea024266202ex99-3_brf.htm">Marfrig Global Foods S.A. Summary Results for the three months ended March 31, 2025</A></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea024266202ex99-1_brf.htm
<DESCRIPTION>MARFRIG GLOBAL FOODS S.A. AUDITED INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024
<TEXT>
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<P STYLE="font: 10pt Arial,sans-serif; text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>CONTENTS</B></FONT>&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt; width: 96%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Independent auditor&rsquo;s report</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt; width: 4%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Independent Auditor&rsquo;s Report on the Separate and Consolidated Financial Statements</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">03</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Calibri,sans-serif; padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Financial Statements</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance sheet</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">09</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of income</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of comprehensive income </FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of cash flows</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of changes in equity</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of value added</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">15</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Calibri,sans-serif; padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Management Report</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Management report</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Notes to the separate and consolidated financial statements</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; font-family: Calibri,sans-serif; text-indent: 0pt; width: 4%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding: 0pt; font-family: Calibri,sans-serif; text-indent: 0pt; width: 92%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Operations</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif; width: 4%">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding: 0pt; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Presentation and preparation of the parent company and consolidated financial statements</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Summary of material accounting policies</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">18</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 1pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Calibri,sans-serif; padding: 0pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Assets</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">33</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">34</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">35</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">36</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">37</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Recoverable taxes</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">38</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes receivable</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Advances to suppliers</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Assets and liabilities held for sale and discontinued operations</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">14.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">44</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">15.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investment property</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">16.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">50</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">17.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">18.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">53</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Liabilities and Equity</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">19.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts payable</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">54</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">20.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Accrued payroll and related charges</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">55</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">21.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Taxes payable</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">63</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">22.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans, financing and debentures</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">64</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">23.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Advances from customers</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">67</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">24.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Lease payable</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">68</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">25.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">70</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">26.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Provision for contingencies</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">70</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">27.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity </FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">73</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Income or Loss</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">28.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net sales revenue</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">78</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">29.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Costs and expenses by nature</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">78</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">30.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net financial result</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">79</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">31.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Earnings (loss) per share</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">79</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Financial instruments</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">32.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial instruments and risk management</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">79</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Taxes on income</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">33.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Income and social contribution taxes</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">91</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Other information</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">34.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Segment reporting</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">91</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">35.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Insurance coverage</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">92</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">36.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Related-party transactions</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">93</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">37.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Management compensation</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">96</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">38.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Additional information of the cash flow statements</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">99</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">39.</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-family: Calibri,sans-serif; text-indent: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Events after the reporting period</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font-family: Calibri,sans-serif">100</TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; width: 96%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Audit Committee Opnions and Reports</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; width: 4%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Opinion on the fiscal council</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Summary annual report on the activities of the statutory audit committee</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statutory audit committee&rsquo;s opinion</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB">Statements</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of executive officers on the financial statements</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Statement of executive officers on the independent auditors report</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  </TABLE>

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<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59"></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59"><IMG SRC="ex99-1_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: rgb(79,45,126)">(Free translation from the original issued
in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)</P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt; color: rgb(79,45,126)">Independent auditor&rsquo;s report
on the individual and consolidated financial statements</P>

<P STYLE="font: 10pt Arial,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(79,45,126) 1.5pt solid"></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 35%"><B>Grant Thornton Auditores</B>  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left"><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Independentes Ltda.</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Av. Eng. Luiz Carlos Berrini, 105 -</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12<SUP>o</SUP> andar Itaim Bibi, S&atilde;o Paulo (SP)</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brasil</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T +55 11 3886-5100</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">To the Management and Shareholders of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"><B>Marfrig Global Foods S.A.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo &#8211; SP</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Opinion</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">We have audited the individual and consolidated
financial statements of Marfrig Global Foods S.A. (the Company), identified as Parent and Consolidated, respectively, which comprise the
statement of financial position as of December 31, 2024, and the income statement, statement of comprehensive income, statement of changes
in equity and statement of cash flows for the year then ended, and the corresponding explanatory notes, including material accounting
policies and other explanatory information.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">In our opinion, the financial statements present
fairly, in all material respects, the individual and consolidated financial position of Marfrig Global Foods S.A. as of December 31, 2024,
and its individual and consolidated financial performance and individual and consolidated cash flows for the year then ended, in accordance
with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB) (currently denominated IFRS Accounting Standards).</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Basis for opinion</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">We conducted our audit in
accordance with Brazilian and International Standards on Auditing (ISAs).&nbsp;Our responsibilities under those standards are further
described in the &ldquo;Auditor&rsquo;s responsibilities for the audit of the individual and consolidated financial
statements&rdquo; section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant
ethical requirements set forth in the Code of Ethics for Professional Accountants and the professional standards issued by the
Federal Accounting Council and we have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</P>

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<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E"><IMG SRC="ex99-1_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">Key audit matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">The key audit matters are those who, in our professional
judgment, were the most significant in our audit of current year. These matters were addressed in the context of our audit of the individual
and consolidated financial statements as a whole, and when we formed our opinion on these individual and consolidated financial statements,
and, accordingly, we do not express a separate opinion on these matters.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">1.<FONT STYLE="font-family: Times New Roman; font-size: 10pt"> </FONT>Evaluation
for impairment of goodwill arising from business combinations and intangible assets of defined useful life &ndash; Notes No. 3.1.6,
14, and 18</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="text-align: left; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Why the matter was determined to be a KAM</P>

<P STYLE="text-align: left; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">As described in Notes No. 14,
&ldquo;Investments&rdquo;, and 18, &ldquo;Intangible Assets&rdquo;, as of December 31, 2024, the Company had goodwill based on
expected future profitability and certain intangible assets with finite useful life recorded in the individual and consolidated
financial statements, in the amounts of R$ 498,589 thousand, and R$ 19,127,733 thousand, respectively. The assets in question arise
from acquisitions of investments made in the current year and in last years, subject to critical judgments and assessments in
determining their recoverability, which take into consideration the generation of future profits, among other assumptions. Based on
judgments and assumptions, the Company makes estimates to evaluate the likelihood of occurrence or not of future profits to realize
said assets as well as to establish the assumptions and estimates that determine such profits.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">By definition, the resulting accounting estimates will
rarely be equal to the respective actual results (due to uncertainties and the high degree of judgment inherent in determining these assumptions
and estimates). Therefore, the estimates and assumptions involve a significant risk and may require a material adjustment to the carrying
amounts of the assets in the individual and consolidated financial statements at the date of the respective evaluations. For this reason,
we considered this matter significant and, thus, a key audit matter.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">How the matter was addressed in the audit of the
financial statements</P>

<P STYLE="text-align: left; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Our audit procedures included, among others:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Evaluate and obtain an understanding of the processes, operating controls and cash flow projections considered
in the impairment tests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Involve our corporate finance specialists in the valuation of financial and economic projections, review
of mathematical calculations, analysis and understanding of the assumptions and methodology used to calculate and compare information
to market expectations, and comparison of information to expectations from previous years and other historical information;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Challenge the assumptions calculated by Management, such as interest and economic growth rates, to determine
whether the assumptions were adequate, conservative or unrealistic based on economic data and market inputs; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Evaluate the disclosures made by the Company in the individual and consolidated financial statements.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">Based on our audit approach and the procedures performed,
we understand that the amounts recorded and the criteria and assumptions adopted and disclosed in the financial statements to assess impairment
of certain intangible assets, including goodwill, are appropriate in the context of the individual and consolidated financial statements
taken as a whole.</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



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<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; color: #4F2D7E; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; color: #4F2D7E; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify"><IMG SRC="ex99-1_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; color: #4F2D7E; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #4F2D7E; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify">2.
Realization of federal and state tax credits &ndash; Notes No. 9 and 13</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #4F2D7E; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Why the matter was determined to be a KAM</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">As described in Notes 9, &ldquo;Recoverable taxes&rdquo;,
and 13, &ldquo;Deferred income and social contribution taxes&rdquo;, as December 31, 2024, the Company had federal and state tax credits
recorded in the individual and consolidated financial statements, in addition to deferred income and social contribution tax assets arising
from tax losses, negative social contribution basis and temporarily non-deductible and/or taxable differences, in the amounts of R$ 7,771,818
thousand, and R$ 17,853,778 thousand, respectively. Said tax credits are subject to critical judgments and assessments in determining
their recoverability. The accrual of tax credits by companies in the meatpacking industry is inherent in the business, due to the tax
incentives granted by Brazilian legislation to exporters.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Management assesses the impairment risk of these
assets when the likelihood of using these tax credits is remote, considering the following legal alternatives: <FONT STYLE="font-family: Arial,sans-serif"><B>(i)
</B></FONT>offset against other state and federal taxes, under the prevailing tax legislation; <FONT STYLE="font-family: Arial,sans-serif"><B>(ii)
</B></FONT>payments to suppliers; <FONT STYLE="font-family: Arial,sans-serif"><B>(iii) </B></FONT>acquisition of equipment, inputs, and
consumables by means of negotiation with suppliers; and <FONT STYLE="font-family: Arial,sans-serif"><B>(iv)</B></FONT> request for approval
and refund, in kind, of said tax credits. Regarding the deferred income tax asset, based on judgment and assumptions, the Company makes
estimates to evaluate the likelihood of occurrence or not of future profits to realize said asset as well as to establish the assumptions
and estimates that determine such profits.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">By definition, the resulting accounting estimates will rarely
be equal to the respective actual results (due to uncertainties and the high degree of judgment inherent in determining these assumptions
and estimates). Therefore, the estimates and assumptions involve a significant risk and may require a material adjustment to the carrying
amounts of the assets in the individual and consolidated financial statements at the date of the respective evaluations. For this reason,
we considered this matter significant and, thus, a key audit matter.</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">How the matter was addressed in the audit of the
financial statements</P>

<P STYLE="text-align: left; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Our audit procedures included, among others:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-left: -0.25in; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Analyze the existence of disallowance of any tax credits taken during the year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Obtain a confirmation letter from the Company&rsquo;s attorneys for the ongoing requests for tax credit refund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Analyze, on a sampling basis, acquisitions of inputs, equipment and payments to suppliers during the
year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Evaluate and gain an understanding of the processes, operating controls and cash flow projections considered
in the impairment tests and involve our corporate finance specialists in the valuation of financial and economic projections, review of
mathematical calculations, analysis and understanding of the assumptions and methodology used to calculate and compare information to
market expectations, and comparison of information to expectations from previous years and other historical information;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Analyze, on a sampling basis, the federal and state tax credits offset against tax debts of the same
nature and evaluate requests for refund filed during the year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Challenge the assumptions calculated by Management, such as interest and economic growth rates, to determine
whether the assumptions were adequate, conservative or unrealistic based on economic data and market inputs; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Evaluate the disclosures made by the Company in the individual and consolidated financial statements.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Based on the audit approach and the procedures
performed, we understand that the amounts recorded and criteria and assumptions adopted in recording tax credits and respective disclosures
are appropriate in the context of the individual and consolidated financial statements taken as a whole.</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Other matters</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Statements of value added</P>

<P STYLE="font: bold 10pt Arial,sans-serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">The individual and consolidated statements of value
added (DVA) for the year ended December 31, 2024, prepared under the responsibility of the Company&rsquo;s management and presented as
supplemental information for IFRS purposes, have been subject to auditing procedures which were performed together with the audit of the
Company&rsquo;s financial statements. In forming our opinion, we evaluated if these statements are reconciled to the financial statements
and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in NBC TG 09 &#8211;
Statement of Value Added. In our opinion, these statements of value added were appropriately prepared, in all material respects, according
to the criteria defined in said technical pronouncement and are consistent in relation to the individual and consolidated financial statements
taken as a whole.</P>

<P STYLE="text-align: left; font: bold 10pt Arial,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="text-align: left; font: bold 10pt Arial,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Information other than the individual and consolidated
financial statements and auditor&rsquo;s report thereon</P>

<P STYLE="text-align: left; font: bold 10pt Arial,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">The Company&rsquo;s management is responsible for this
other information that is included in the Management Report.</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Our opinion on the individual and consolidated financial
statements does not cover the Management Report and we do not express any form of assurance conclusion thereon.</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">In connection with our audit of the individual and consolidated
financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially
inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement in Management Report, we are required to report
this fact. We have nothing to report in this regard.</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Responsibility of management and those charged
with governance for the individual and consolidated financial statements</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Management is responsible for the preparation and fair
presentation of these individual and consolidated financial statements in accordance with accounting practices adopted in Brazil and the
International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) (currently denominated
IFRS Accounting Standards), 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.</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">In preparing the individual and consolidated financial
statements, Management is responsible for assessing the Company&rsquo;s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting in preparing the financial statements, unless Management
either intends to liquidate the Company and its subsidiary or to cease operations, or has no realistic alternative to avoid doing so.</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Those charged with the Company&rsquo;s and its subsidiaries&rsquo;
governance are those responsible for overseeing the financial reporting process.</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



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<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

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<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; color: #4F2D7E">Auditor&rsquo;s responsibility for the
audit of the individual and consolidated financial statements</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt; color: #4F2D7E">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Our objectives are to obtain reasonable assurance about
whether the individual and consolidated financial statements, taken as a whole, are free from material misstatement, whether due to fraud
or error, and to issue an auditor&rsquo;s report that includes our opinion. Reasonable assurance is a high level of assurance but is not
a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">As part of an audit in accordance with Brazilian and
International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. In addition,
we:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">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 override of internal control, collusion, forgery, intentional omissions
or misrepresentations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
and its subsidiaries&rsquo; internal control;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">Conclude on the appropriateness of management&rsquo;s use of the going concern basis of accounting and
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Entity&rsquo;s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor&rsquo;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&rsquo;s report. However, future events or conditions may cause the Company to cease to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">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; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">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 group audit and, consequently, for the audit opinion.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">We communicate with those charged with governance
regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we may have identified during our audit.</P>

<P STYLE="text-align: left; font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">We also provide those charged with governance with
a statement that we have complied with relevant ethical requirements, including those regarding independence, and communicate to them
all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards.</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt"><IMG SRC="ex99-1_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Microsoft Sans Serif,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">From the matters communicated with those charged
with governance, we determined those matters that were of most significance in the audit of the financial statements for the current year
and are, therefore, the key audit matters. We describe these matters in our auditor&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">S&atilde;o Paulo, February 26, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Grant
Thornton Auditores Independentes Ltda.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">CRC 2SP-025.583/O-1</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #0B0B0B; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(79,45,126) 1.5pt solid; padding-bottom: 1.5pt; text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt">/s/ Marcelo Castro
Valentini</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Marcelo Castro Valentini</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Assurance Partner CRC 1SP-239.472/O-2</P>




<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right"><IMG SRC="ex99-1_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Balance sheet</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">As at December 31, 2024 and 2023</FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; color: #021F59"><B>ASSETS</B></FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>NE</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">12/31/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>4</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; font-weight: bold; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">732,320</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,940,237</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; font-weight: bold; text-align: right; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,516,687</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; text-align: right; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">6,460,212</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.375in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,717,946</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,087,328</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">18,002,828</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,418,144</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,153,215</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,477,851</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,175,814</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,213,646</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">664,152</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">525,365</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,482,938</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,113,118</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,926,421</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,756,684</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">756,930</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,220,697</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,235,325</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,920,641</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Prepaid expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">6,229</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,829</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">425,830</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">302,499</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">650,180</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">554,995</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">59,452</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">96,770</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Advances to suppliers</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>11</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,458,770</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">716,938</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,739,402</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">913,428</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,629</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,655</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">84,969</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">126,921</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">276,025</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">13,814</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Dividends receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">851</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">851</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">98,457</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">115,721</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">586,066</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">664,869</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">20,246,828</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,647,616</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">53,512,608</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">47,001,597</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">999,649</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,709,854</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,422,058</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,099,203</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">21,246,477</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">15,357,470</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">54,934,666</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">52,100,800</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>5</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">323,811</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">319,995</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 11pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">22,620</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,897</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">58,201</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">41,245</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">487,501</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">463,528</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Recoverable taxes&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,509,034</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,003,869</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,141,498</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,089,563</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes receivable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,890,719</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,172,945</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,635</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,130</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">60,790</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">72,395</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>13</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,505,854</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,476,955</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,586,765</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">12</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">96,022</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">251,582</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">625,851</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other receivables&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">409</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">207</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">249,999</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">229,725</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,964,229</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">12,314,288</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">16,023,391</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">13,395,849</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>8</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,787,237</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,858,316</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>14</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">23,231,783</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">23,912,868</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">224,843</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">654,638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investment property</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>15</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">116,794</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">115,165</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">116,794</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">115,165</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>16</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,217,560</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,882,521</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">41,246,113</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">40,646,704</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>17</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">359,527</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,451</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,049,362</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,631,190</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>18</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">232,139</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">233,300</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">19,127,733</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">18,551,974</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">26,157,803</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">26,159,305</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">66,552,082</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">65,457,987</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">36,122,032</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">38,473,593</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">82,575,473</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">78,853,836</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">57,368,509</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">53,831,063</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font-weight: bold; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">137,510,139</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">130,954,636</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<P STYLE="padding: 0pt; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">The
accompanying notes are an integral part of the individual and consolidated financial statements.</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify"><TD STYLE="width: 80%"></TD><TD STYLE="width: 20%; text-align: right"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 39px; width: 45px"></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Balance sheet</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">As at December 31, 2024 and 2023</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; color: #021F59"><B>LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">Reclassified</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">Reclassified</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>NE</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">12/31/2023</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts payable</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>19</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,801,269</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,129,622</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">20,261,845</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">16,706,980</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Accrued payroll and related charges</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>20</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">217,460</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">95,122</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,351,893</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,669,658</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Taxes payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>21</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">18,818</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">135,839</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,236,661</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">763,562</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans, financing and debentures</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>22</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,479,301</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,181,118</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,352,851</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,509,414</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Advances from customers</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>23</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,789,380</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,523,193</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">6,089,060</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,614,640</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Lease payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>24</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">29,004</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,167</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,204,466</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,080,298&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>25</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">62,360</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,046</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">220,653</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">196,697</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Provision for contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>26</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">784,296</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">720,187</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">63,917</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">28,286</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">450,945</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">121,443</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Dividends and interest on equity paid</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">284</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,792</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">810</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other payables</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">16,113</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">42,056</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,242,969</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">729,346</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font: 1pt Aptos,sans-serif; text-indent: 11pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; padding-left: 5.4pt"></TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; padding-left: 5.4pt"></TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt"></TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,477,906</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,146,449</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">42,198,431</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">34,113,035</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right"></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Liabilities related to held-for-sale assets</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>12</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,231,861</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">767,344</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,057,838</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right; vertical-align: bottom; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; vertical-align: bottom; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,477,906</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,378,310</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">42,965,775</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">42,170,873</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NON-CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred income and social contribution taxes </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>13</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">16,457</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,755,947</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,553,512</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,767</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">422</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Accrued payroll and related charges</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>20</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">467,127</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">454,398</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Taxes payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>21</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">58,867</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">59,400</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">258,302</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">346,661</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans, financing and debentures</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>22</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">16,774,557</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,213,552</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">52,770,780</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">44,076,178</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Lease payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>24</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">344,851</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">13,823</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,691,734</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,158,263</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>25</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">24,486,804</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">21,275,644</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">39,156</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">63,239</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Provision for contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>26</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">222,059</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">208,125</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">6,607,415</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,461,632</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,179,321</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">34,428</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,415,527</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">94,247</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other payables</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">588,497</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">685,376</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt"></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">43,066,459</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">30,821,429</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">74,606,252</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">63,893,928</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"></TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Share capital</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>27.1</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,367,391</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,367,391</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,367,391</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,367,391</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Capital reserve and treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>27.2</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2,141,436</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">(515,881</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2,141,436</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(515,881</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Legal reserve</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>27.3</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">624,664</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">484,848</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">624,664</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">484,848</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Tax incentive reserve</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>27.4</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">964,286</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">229,403</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">964,286</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">229,403</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Earnings reserve</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>27.5</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,637,330</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,927,390</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,637,330</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,927,390</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>27.6</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(9,628,091</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,861,827</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(9,628,091</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,861,827</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font: 1pt Aptos,sans-serif; text-indent: 11pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">-&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 11.05pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Controlling shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,824,144</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">7,631,324</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,824,144</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">7,631,324</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt"></TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">17,113,968</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">17,258,511</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,824,144</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">7,631,324</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">19,938,112</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">24,889,835</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">57,368,509</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">53,831,063</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">137,510,139</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">130,954,636</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of the individual and consolidated financial statements.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="11" STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Statement of income</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">(In thousands of Brazilian reais - R$, except earnings per share)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 49%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: left; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: rgb(0,111,192) 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">YTD</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">YTD</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>NE</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font-weight: bold; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2024</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2023</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font-weight: bold; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2024</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2023</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET SALES REVENUE</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>28</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,791,159</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,682,080</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">148,860,959</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">132,218,010</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(8,420,095</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(6,838,039</TD>
    <TD STYLE="text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(129,170,289</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; background-color: #F2F2F2; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(118,840,540</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>GROSS PROFIT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,371,064</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,844,041</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">19,690,670</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">13,377,470</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Operating expenses</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(935,512</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,737,563</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(13,753,399)</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(12,316,283</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(588,566</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(468,018</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(11,235,367</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(10,431,076</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(261,687</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(283,125</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2,218,427</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,966,505</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity in earnings (losses) of subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>14</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">14,263</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(915,877</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(34,585</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(63,504</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other operating income (expenses)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(99,522</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(70,543</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(265,020)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">144,802</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net income before financial income (expenses)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,435,552</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">106,478</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5,937,271</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,061,187</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net financial result</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>30</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2,547,608</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,628,646</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,532,159</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,602,415</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Aptos,sans-serif; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,229,425</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,602,405</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">12,654,204</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,521,121</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(6,777,033</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(4,231,051</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(18,186,363</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(17,123,536</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET INCOME (LOSS) BEFORE TAXES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,112,056</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,522,168</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">405,112</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(4,541,228</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Income and social contribution taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,822,691</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">173,782</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,391,309</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,089,599</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Current income and social contribution taxes</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>33</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,036,605</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,382</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(319,893</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(223,020</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>33</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,786,086</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">158,400</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,711,202</TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,312,619</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET PROFIT (LOSS) FOR THE YEAR FROM CONTINUED OPERATIONS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,710,635</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,348,386</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,796,421</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(3,451,629</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Net income (loss) for the year from discontinued operations</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>12</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,084,766</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(169,390</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,084,449</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(169,617</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Net income (loss) for the year from continuing and discontinued operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,795,401</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,517,776</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,880,870</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(3,621,246</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net income attributable to:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling interest - continuing operation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,710,635</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,348,386</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,710,635</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,348,386</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,084,766</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(169,390</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,084,766</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(169,390</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Controlling interest</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,795,401</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,517,776</TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,795,401</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,517,776</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest - continuing operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,085,786</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2,103,243</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(317</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(227</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,085,469</TD>
    <TD STYLE="font-weight: bold; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: gray 1pt dashed; border-bottom: gray 1pt dashed; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(2,103,470</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt"></TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt"></TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,795,401</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,517,776</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,880,870</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(3,621,246</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: #F2F2F2; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Basic and diluted earnings (losses) per share - common continuing operation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1.8933</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2.1022)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1.8933&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(2.1022</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Basic and diluted earnings (losses) per share - common discontinued operation</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; font-weight: bold; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">1.2006</TD>
    <TD STYLE="font-weight: bold; border-bottom: rgb(79,45,126) 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; text-align: right; padding-left: 5.4pt; font-family: Aptos,sans-serif">(0.2641)</TD>
    <TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1.2006&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: rgb(79,45,126) 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(0.2641</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>BASIC AND DILUTED EARNINGS (LOSSES) PER SHARE - COMMON</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>31</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3.0939</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(2.3663)</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font-weight: bold; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3.0939&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(2.3663</TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The accompanying notes are an integral part of the individual and consolidated financial statements.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; color: rgb(2,31,89)"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #00A000"><B>Statement of comprehensive income</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #00A000">Years ended December 31, 2024 and 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(In thousands of Brazilian reais - R$)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 55%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); width: 10%; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); width: 10%; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET INCOME FOR THE YEAR</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,795,401 </B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,517,776</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</TD>
    <TD STYLE="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,880,870 </B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (3,621,246</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exchange variation on net investments and balance sheet translation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,589,672</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,000,463</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,963,629</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,614,821</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gains (losses) on net investment hedge</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (170,967</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       56,500 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (339,101</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      146,286 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gains (losses) on net interest hedge</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (894,280</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        1,598 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (894,280</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        1,598 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Actuarial losses on pension plans and post-employment benefits</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (10,476</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (11,504</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (20,805</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (18,044</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Losses on investments at FVOCI</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (23,494</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (46,529</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Share-based payment in subsidiary BRF</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>        2,832 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        3,434 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>        2,832 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        7,719 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Treasury shares in subsidiary BRF</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (10,365</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        4,523 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (10,365</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       13,582 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity amounts related to assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (69,842</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      730,893 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(69,842</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      730,893 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (3,766,264</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (215,019</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (4,341,719</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,732,787</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TOTAL COMPREHENSIVE INCOME FOR THE YEAR</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (970,863</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,732,795</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (460,849</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (5,354,033</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling interest - continuing operation</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,055,629</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,563,405</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,055,629</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,563,405</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling interest - discontinued operation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,084,766 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (169,390</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,084,766 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (169,390</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Controlling interest</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (970,863</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,732,795</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (970,863</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,732,795</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest - continuing operation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      510,331 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (3,621,011</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(317</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        (227</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font: 1pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 1pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      510,014 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; background-color: rgb(242,242,242); text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (3,621,238</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">The accompanying notes are an integral part of the individual and
consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0; color: rgb(2,31,89)"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #00A000"><B>Statement of cash flows</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #00A000">Years ended December 31, 2024 and 2023</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">(In thousands of Brazilian reais - R$)</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Aptos,sans-serif; text-indent: 0.25in; margin: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">Reclassified</FONT></TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">Reclassified</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font-weight: bold; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET INCOME FROM CONTINUING OPERATIONS IN THE YEAR</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,710,635</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,348,386</FONT></TD>
    <TD STYLE="text-align: left">)</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,710,635 </B></FONT></TD>
    <TD STYLE="font-weight: bold; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,348,386</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NON-CASH ITEMS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (108,859</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2,530,203</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   13,722,641 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   10,485,260 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      179,391 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">171,736</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    7,197,504 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    6,740,232 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,085,786 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,103,243</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Provision for contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       86,372 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       41,024 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,619,969 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       70,573 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred taxes and tax liabilities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,786,086</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (158,400</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,711,202</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,312,619</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity in earnings of subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(14,263</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">915,877</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       34,585 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       63,504 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exchange variation on financing</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,238,252 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (128,965</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,566,791 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (849,303</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exchange variation on other assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,590,903</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (20,409</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,280,164</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,024,967 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest expenses on financial debt</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,694,261 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,559,035</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,828,250 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    5,157,074 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest expenses on finance lease</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>        1,227 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,256</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      409,988 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      305,960 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost with issue of financial operations</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       45,349 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">30,071</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      194,269 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      153,188 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Adjustment to present value and market-to-market</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>         100 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">168</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (10,548</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      982,582 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimated (reversion) losses on inventories</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       (9,466</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">10,864</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(38,605</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (84,464</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimated losses on doubtful accounts</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>         581 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">11,430</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       47,068 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       56,621 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimated losses on non-realization of recoverable taxes </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       30,000 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       31,117 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      119,259 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Revaluation of investment property</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       (1,629</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (3,836)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       (1,629</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (3,836)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gain (loss) on fair value adjustment</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       78,578 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (187,736</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other non-cash effects</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       17,955 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">         352</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      670,884 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(647,499</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>EQUITY CHANGES</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,445,541</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      200,384 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,666,927</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,919,506 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,016,529</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      158,362 </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,273,620 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,987,815 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (112,327</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (119,160</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       75,739 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,349,168 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - current</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (156,743</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      312,687 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Judicial deposits and contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (75,382</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (57,782</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (413,025</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(94,406</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Accrued payroll and related charges </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      121,661 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        3,297</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       70,431 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (445,257</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts payable and supplier chain financing</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,500,052</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       21,633 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (3,782,461</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,329,027</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Current and deferred taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (373,085</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (52,695</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (360,582</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,085,589 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes receivable and payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,165,208 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      263,835</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,336,640</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (742,173</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      438,219 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (33,996</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      274,735 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(274,132</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (93,254</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       16,890 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      687,999 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       69,242 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CASH FLOW PROVIDED BY OPERATING ACTIVITIES</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      156,235 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,382,201</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   12,766,349 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   11,056,380 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,731,120</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (4,990,957</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (222,734</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,030,001</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments in fixed assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (413,527</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(128,470</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,318,685</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: justify; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,045,868</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments in non-current biological assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,454,688</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,457,167</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments in intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (159,879)</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(168,900</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (3,630,618</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (129,987</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,384,349</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      581,569 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CASH FLOW USED IN INVESTING ACTIVITIES</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (5,775,265</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (5,249,414</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (6,540,335</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (6,120,367</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans and financing</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      600,919 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,633,493</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (9,081,859</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,264,538</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans obtained</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    6,400,446 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    7,872,408 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   75,998,148 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   49,407,327 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-indent: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans settled</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (5,799,527</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (9,505,901</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>  (85,080,007</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">  (56,671,865</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Payment of derivatives - fair value hedge</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (110,043</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (699,345</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Leases paid</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       (5,394)</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (3,650</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,314,391</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,066,713</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (560,970</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (213,153</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,849,212</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (213,153</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Capital increase</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,163,000</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    5,760,088 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Share issuance expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>            - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (86,759</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Dividends and interest on equity received (paid)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      194,303 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    3,575,736 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (3,135,078</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (340,763</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CASH FLOW PROVIDED BY (USED IN) FINANCING ACTIVITIES</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      228,858 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    3,888,440 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>  (15,490,583</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (3,911,183</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exchange variation on cash and equivalents</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      489,021 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       23,436</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,434,715 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (149,686</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Discontinued operations net of cash</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,693,234 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      176,245</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,886,329 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (818,720</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CASH FLOW IN THE YEAR</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,207,917</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      220,908 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,943,525</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       56,424 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at end of year</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      732,320 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,940,237</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,516,687 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    6,460,212 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at beginning of year</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,940,237 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,719,329</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    6,460,212 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    6,403,788 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-size: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CHANGE IN THE YEAR</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (1,207,917</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">220,908</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,943,525</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       56,424 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">The accompanying notes are an integral part of the individual and consolidated financial
statements.</P>

<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0; color: rgb(2,31,89)"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Arial,sans-serif; margin: 0; color: #021F59"><B></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #00A000"><B>Statement of changes in equity</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #00A000">Years ended December 31, 2024 and 2023</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">(In thousands of Brazilian reais - R$)</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; width: 46%; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 1%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Share
    capital</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Capital
    reserve<BR>
 and treasury<BR>
 shares</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Legal reserve</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Tax incentive reserve</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Earnings<BR>
 reserve</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total non-controlling interest</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total equity</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>AT DECEMBER 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    8,204,391 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,434,260)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      484,848 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      517,726 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,443,963 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (5,646,808)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    5,569,860 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   20,879,749 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   26,449,609 </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cumulative
translation adjustment and asset valuation adjustment </FONT></TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      119,049</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        1,203 </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (1,000,463</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (880,211</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,614,358</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,494,569</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Aquisition
of treasury shares </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (213,153</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (213,153</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(213,153</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Goodwill
stock option </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (1,264</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (1,264</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (1,264</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gains
on net investment hedge </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        56,500 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       56,500 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       89,786 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      146,286 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gains
on net interest hedge </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">         1,598 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        1,598 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        1,598 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Actuarial
losses on pension plans and post-employment benefits </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (11,504</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (11,504</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (6,540</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(18,044</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Share-based
payment in subsidiary BRF </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">         3,434 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        3,434 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        4,285 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        7,719 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Treasury
shares in subsidiary BRF </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">         4,523 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        4,523 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        9,059 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       13,582 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Capital
increase </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,163,000 </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,163,000 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,163,000 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gain
on BRF capital transactions </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,013,747 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,013,747 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,013,747 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity
amounts related to assets held for sale </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (288,323)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       730,893 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      442,570 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      442,570 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loss
for the year </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,517,776</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,517,776</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,103,470</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif; vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,621,246</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">)</TD>
    </TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="text-align: left; font-size: 1pt; padding-left: 0.125in; text-indent: -0.125in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>AT DECEMBER 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   10,367,391 </FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (515,881</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      484,848 </FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      229,403 </FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,927,390 </FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,861,827</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    7,631,324 </FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   17,258,511 </FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   24,889,835 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Aptos,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Share capital</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Capital reserve and treasury shares</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Legal reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Tax incentive reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Earnings reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; width: 1%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total
    non-<BR>
controlling interest</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; width: 1%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; width: 6%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total equity</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%">&nbsp;</TD>
    </TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>AT DECEMBER 31, 2023</B></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   10,367,391 </B></FONT></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (515,881</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left">)</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      484,848 </B></FONT></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      229,403 </B></FONT></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,927,390 </B></FONT></TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (5,861,827</B></FONT></TD>
    <TD STYLE="font-weight: bold">)</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    7,631,324 </B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   17,258,511 </B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   24,889,835 </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-weight: bold">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cumulative
translation adjustment and asset valuation adjustment </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (433,432</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">         915 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,589,672</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (3,022,189</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (373,957</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (3,396,146</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Aquisition
of treasury shares </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (560,970</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (560,970</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (560,970</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Goodwill
stock option </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(187</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(187</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        (187</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Losses
on net investment hedge </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(170,967</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(170,967</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(168,134</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (339,101</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Losses
on net interest hedge </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (894,280</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(894,280</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (894,280</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Actuarial
losses on pension plans and post-employment benefits </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (10,476)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(10,476</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(10,329</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (20,805</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Losses
on investments at FVOCI </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       (23,494</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(23,494</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(23,035</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (46,529</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Share-based
payment in subsidiary BRF </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(19,403</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">         2,832 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(16,571</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(16,201</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (32,772</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Treasury
shares in subsidiary BRF </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (639,521</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(10,365</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(649,886</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">     (638,356</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (1,288,242</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Continued
and discontinued transfer </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      288,323 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      288,323 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      288,323 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gain
on subsidiaries capital transactions </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       27,958 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       27,958 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       27,958 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity
amounts related to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(69,842</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (69,842</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (69,842</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Dividend
distribution </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,500,000)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,500,000</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   (2,500,000</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0.25in; text-indent: -0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net
income for the year </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      139,816 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      446,560 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,209,025 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">            - </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,795,401 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,085,469 </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: left; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    3,880,870 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-left: 0.125in; text-indent: -0.125in"></TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    </TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>AT DECEMBER 31, 2024</B></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   10,367,391 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,141,436</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      624,664 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      964,286 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,637,330 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>     (9,628,091)</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,824,144 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   17,113,968 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   19,938,112 </B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); font-weight: bold">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">The accompanying notes are an integral part of the individual and consolidated financial
statements.</P>

<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>


<P STYLE="font: 12pt Arial,sans-serif; margin: 0; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #00A000"><B>Statement of value added</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #00A000">Years ended December 31, 2024 and 2023</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">(In thousands of Brazilian reais - R$)</P>

<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 50%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 10%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font-weight: bold; background-color: rgb(242,242,242); white-space: nowrap; width: 2%; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); white-space: nowrap; width: 10%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 2%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; background-color: rgb(242,242,242); white-space: nowrap; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>REVENUE</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   11,437,919 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    9,215,225 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>  159,320,206 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">  141,993,605 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Sales of goods and services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   11,438,084 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    9,226,137 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>  158,554,643 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">  141,027,765 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>         416 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        1,883 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      812,631 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,023,940 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimated losses on doubtful accounts </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>        (581</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (12,795</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (47,068</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      (58,100</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>INPUTS PURCHASED FROM THIRD PARTIES (including </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    8,815,743 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    7,097,970 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>  125,618,105 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; background-color: rgb(242,242,242); white-space: nowrap; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: rgb(242,242,242); white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">  115,645,149 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>taxes - ICMS, IPI, PIS and COFINS)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; background-color: rgb(242,242,242); white-space: nowrap; text-align: left; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    7,247,830 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    5,913,772 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>  105,276,803 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   96,811,129 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Materials, energy, outsourced services and other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,577,379 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,176,337 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   20,379,907 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   18,921,525 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Impairment/recovery of assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       (9,466</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        7,861 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      (38,605</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(87,505</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>GROSS VALUE ADDED</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,622,176 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,117,255 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   33,702,101 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   26,348,456 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      179,391 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      171,736 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    7,197,504 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6,740,232</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET VALUE CREATED BY THE COMPANY</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,442,785 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,945,519 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   26,504,597 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">19,608,224</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>VALUE ADDED RECEIVED THROUGH TRANSFER</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    7,809,086 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    3,123,849 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   16,909,246 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   13,695,485 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity in earnings (losses) of subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       14,263 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(915,877</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(34,585</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(63,504</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,229,425 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,602,405 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   12,654,204 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   11,521,121</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Discontinued operation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,565,398 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,437,321 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,289,627 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,237,868 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TOTAL VALUE ADDED TO BE DISTRIBUTED</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   10,251,871 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    5,069,368 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   43,413,843 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 2.25pt double; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   33,303,709 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>VALUE ADDED DISTRIBUTION</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   10,251,871 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    5,069,368 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   43,413,843 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 2.25pt double; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   33,303,709 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>EMPLOYEES</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      642,226 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      565,616 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   13,689,027 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   12,253,073 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Direct compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      480,451 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      409,096 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   11,088,696 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   10,157,560 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      125,116 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      126,188 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,203,913 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,739,816 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FGTS (severance pay fund)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       36,659 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       30,332 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      396,418 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      355,697 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TAXES PAYABLE </B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,462,678</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      168,635 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    4,059,008 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    4,648,520 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Federal</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   (2,664,533</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(26,813</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      384,555 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      981,529 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">State</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      194,097 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      190,418 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,597,272 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    3,601,039 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Municipal</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>        7,758 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">        5,030 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       77,181 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       65,952 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>VALUE DISTRIBUTED TO PROVIDERS OF CAPITAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    9,276,922 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    5,852,893 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   21,784,938 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   20,023,362 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    6,777,033 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    4,231,051 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>   18,186,363 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">   17,123,536 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Rentals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>       19,257 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">       15,131 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>      393,397 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">      492,341 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Discontinued operation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,480,632 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    1,606,711 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,205,178 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">    2,407,485 </FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: bold 1pt Aptos,sans-serif; text-align: left; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242); white-space: nowrap">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>VALUE DISTRIBUTED TO SHAREHOLDERS</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,795,401 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,517,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    3,880,870 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,621,246</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net income (loss) from operations in the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,795,401 </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,517,776</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">)</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    2,795,401 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,517,776</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>           - </B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #EEECE1 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">           - </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); white-space: nowrap; border-bottom: #EEECE1 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>    1,085,469 </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; font-weight: bold; text-align: left; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: rgb(242,242,242); white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,103,470</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">The accompanying notes are an integral part of the individual and consolidated financial
statements.</P>

<P STYLE="font: 10pt Aptos,sans-serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

<!-- Field: Page; Sequence: 14; Options: NewSection; Value: 15 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 1. <FONT STYLE="text-transform: none">OPERATIONS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Marfrig Global Foods S.A. (&ldquo;Company&rdquo; or &ldquo;Marfrig&rdquo;)
is a multinational corporation operating in the food industry, in the food service, retail and convenience, industrial and export channels
in Brazil and around the world. With a production footprint spanning the Americas and the Middle East, it has a diversified and comprehensive
portfolio of products and its operations are founded on its commitment to excellence and quality, which has assured its products presence
in the world&rsquo;s largest restaurant chains and supermarkets, as well as homes in nearly 100 countries. The Company&rsquo;s activities
include the production, processing, further processing, sale and distribution of animal-based products (beef, pork, lamb, fish and poultry),
pastas, margarine, pet food, and plant-based proteins. The Company is domiciled in Brazil and headquartered in the city of S&atilde;o
Paulo.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company is a publicly held corporation with its shares listed
on the Novo Mercado listing segment of the Brazilian Stock Exchange B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o (&ldquo;B3&rdquo;) under
the ticker MRFG3. Because it is listed on the Novo Mercado special corporate governance segment of B3, the Company is subject to arbitration
under the Market Arbitration Chamber, pursuant to the arbitration clause in its by-laws. It also trades as a Level I American Depositary
Receipt (ADR), under the ticker MRRTY, on the Over-the-Counter (OTC) Market in the United States. Each ADR (USOTC:MRRTY) corresponds to
one common share (BOV:MRFG3).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s stock is also a component of the main performance
indicators of Brazil&rsquo;s Capital Markets, such as the Bovespa Index. Marfrig stock is also a component of the stock indexes of the
Brazilian Stock Exchange: Bovespa Index (IBOV); Value Index (IVBX 2); Agribusiness Index (AGFS - IAGRO); BM&amp;FBOVESPA Broad Brazil
Index (IBrA); Brazil Index 100 (IBrX 100); Brazil Index 50 (IBrX 50); Consumption Index (ICON); Corporate Governance Trade Index (IGCT);
Special Corporate Governance Stock Index (IGC); Novo Mercado Corporate Governance Index (IGC-NM); Industrial Sector Index (INDX); Special
Tag-Along Stock Index (ITAG); Small Cap Index (MLCX); and BM&amp;FBOVESPA Dividend Index (IDIV B3). The Company&rsquo;s stock is also part of
the sustainability reference index: Carbon Efficient Index (ICO2).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Weather events in Rio Grande do Sul</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On May 1, 2024, Rio Grande do Sul declared a state of public calamity
throughout its territory affected by extreme weather events, causing material and environmental damages, with the destruction of homes,
roads and bridges, compromising the operation of local and regional public and private institutions and closing public roads.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The subsidiary BRF was affected by total and partial stoppages
in its regional operations, industrial complexes, distribution centers and support offices, and made the necessary efforts to resume operations.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Due to these weather events, the Company incurred additional losses
and expenses, mainly related to the agricultural and industrial production processes, structural and equipment repairs and expenses with
donations, which are presented in the financial statements in the following accounts:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 87%; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; width: 13%; background-color: #F1F1F1; padding-top: 3.7pt; padding-right: 1.7pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F1F1F1">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 5.65pt; padding-right: 1.8pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>YTD 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.55pt; padding-left: 3.4pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.55pt; padding-right: 2pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(104,418)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.55pt; padding-left: 3.4pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.55pt; padding-right: 2pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(3,774)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.55pt; padding-left: 3.4pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.55pt; padding-right: 2pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(6,846)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; background-color: #F1F1F1; padding-top: 2.55pt; padding-right: 2pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(115,038)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The subsidiary BRF has insurance policies for events of this nature
and is in the process of regulating this claim in Rio Grande do Sul.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15; Options: NewSection; Value: 16 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB">2.
PRESENTATION AND PREPARATION OF THE INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Management of the Company approved the issue of these individual
and consolidated financial statements on February 26, 2025, and warrants that, based on its judgment, all material information is substantiated
and corresponds to that used in its management activities.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-align: justify; text-indent: 0in; color: #1374FB">2.1. Statement
of compliance</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Consolidated financial statements</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s consolidated financial statements were prepared
and are presented in accordance with accounting policies adopted in Brazil and with International Financial Reporting Standards (IFRS)
issued by the IFRS Accounting Standards.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The accounting policies adopted in Brazil include those provided
for in Brazilian Corporation Law, the Brazilian Accounting Standards (NBCs) and resolutions and instructions issued by the Securities
and Exchange Commission of Brazil (CVM).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The individual and consolidated Statement of Value Added is required
under Brazilian Corporation Law and the accounting policies adopted in Brazil applicable to listed companies. IFRS standards do not require
said statement. As a result, under IFRS, this statement is being presented as supplementary information, without prejudice to the complete
set of financial statements.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Individual financial statements</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The parent company financial statements were prepared based on
the accounting policies adopted in Brazil and resolutions issued by CFC and are disclosed jointly with the consolidated financial statements,
observing the accounting guidelines based on Brazilian Corporation Law (Federal Law 6,404/76), which include the provisions introduced,
amended and revoked by Law 11,638 of December 28, 2007 and Law 11,941 of May 27, 2009. The aforementioned laws include other changes,
but only the main changes occurred for the Company are presented.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">There is no difference between the equity and consolidated income
(loss) and the parent&rsquo;s equity and income (loss) disclosed in the individual financial statements. Thus, the individual and consolidated
financial statements are being presented in the same document.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-align: justify; text-indent: 0in; color: #1374FB">2.2. Basis of
presentation</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The financial statements were prepared on the historical cost basis,
unless otherwise stated. Assets, liabilities and financial instruments, when indicated, may be stated at fair value.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The preparation of financial statements in accordance with IFRS
and NBCs requires the use of certain accounting estimates by the Company&rsquo;s management. The areas involving judgment or the use of
estimates relevant for the financial statements are mentioned in Note 3.1.3.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The financial statements are denominated in Brazilian real (R$),
which is the Company&rsquo;s functional and reporting currency.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-align: justify; text-indent: 0in; color: #1374FB">2.3. Functional
currency</P>

<P STYLE="margin: 0; font: 10pt Arial,sans-serif">The financial statements of each consolidated subsidiary and those used as a basis for
accounting for investments under the equity method are prepared using the functional currency of each entity.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Under NBC TG 02/R3 (CVM Resolution 91/22) &ndash; The Effects of
Changes in Foreign Exchange Rates and Translation of Financial Statements, functional currency is the currency of the primary economic
environment in which the entity operates. To define the functional currency of each subsidiary, Management considered which currency significantly
influences the sale price of their goods and services and the currency in which most of their production input costs are paid or incurred.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-align: justify; text-indent: 0in; color: #1374FB">2.4. Foreign
currency translation</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Transactions and balances</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Foreign currency transactions are translated into the functional
currency of the Company using the exchange rate at the transaction date. Gains and losses resulting from the difference between the monetary
asset and liability balance translation at the end of the period or year and the translation of the transaction balances are recognized
in the statement of income. Non-monetary assets and liabilities in foreign currency measured at fair value are translated at the exchange
rate on the date on which their fair value is determined and the differences resulting from such translation will be recognized under
other comprehensive income on the closing date of each period or fiscal year.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Group companies</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The results of operations and the financial position of all consolidated
subsidiaries and investments accounted for under the equity method, whose functional currency differs from the reporting currency, are
translated from the reporting currency, as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify">Asset and liability balances are translated using the exchange
rate in effect at the date of the financial statements;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">Statement of income accounts are translated using the monthly
average exchange rate, except for subsidiaries located in hyperinflationary economies (closing rate); and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c)</TD><TD STYLE="text-align: justify">All differences arising from the foreign currency translation
are recognized in equity and in the statement of comprehensive income under &ldquo;cumulative translation adjustment&rdquo;.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 3. <FONT STYLE="text-transform: none">SUMMARY OF MATERIAL ACCOUNTING POLICIES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 3.1. Material accounting policies</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The accounting policies adopted to prepare these financial statements
are as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; text-align: justify; color: #1374FB"><B>3.1.1. Results of operations</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Results of operations are recorded on the accrual basis:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Revenue</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Revenue from sales of products is recognized in accordance with
NBC TG 47 (IFRS 15) (CVM Resolution 116/22) &ndash; Revenue from contracts with customers, establishing a model of five steps to determine
the measurement of revenue and how it will be recognized. Therefore, the Company recognizes revenue when the products are delivered and
duly accepted by its customers, upon which the risks and rewards related to ownership are transferred. The ownership of risks and rewards
is transferred when the products are shipped with the corresponding sales invoice, taking into account the incoterms. These conditions
are met when the goods are transferred to the buyer, complying with the main freights modalities used by the Company.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Revenue is shown net of taxes, returns, rebates and discounts and
in the consolidated financial statements revenue is also net of intercompany sales eliminations.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Financial income and expenses</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Income comprises gains on changes in the value of financial assets
and liabilities measured at fair value through profit or loss, as well as interest income obtained using the effective interest method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Income also includes interest income on invested amounts, gains
on the disposal of financial assets and changes in the value of financial assets. Interest income is recognized in the statement of income
using the effective interest method.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Financial expenses basically comprise expenses with interest on
loans and changes in the value of financial assets and liabilities measured at fair value through profit or loss. Borrowing costs that
are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized with the investment.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">3.1.2.
Segment reporting</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The information by operating segment is based on internal reporting
to the chief operating decision maker, according to NBC TG 22/R2 (CVM Resolution 103/22) &ndash; Segment reporting. The chief operating
decision makers are the chief executive officer, the chief financial officer and the chief executive of each division (Beef North America,
Beef South America, Poultry, Pork and Processed Products &ndash; BRF and Corporate).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s management identified four main reportable
segments that are strategically organized according to the divisions, as per Note 34.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">3.1.3.
Accounting estimates</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The preparation of the financial statements in accordance with
accounting policies adopted in Brazil and IFRS requires the use of management&rsquo;s judgment to determine and record accounting estimates.
The settlement of transactions involving these estimates may result in values different from estimates, due to the inherent inaccuracy
of the process.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company reviews estimates and assumptions at least quarterly.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The issues requiring Company&rsquo;s estimates are as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify">Fair value measurement of biological assets (Note 3.1.6);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">Measurement corresponding to actuarial gains and losses (Note
3.4)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c)</TD><TD STYLE="text-align: justify">Estimated losses on doubtful accounts (Note 6);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">d)</TD><TD STYLE="text-align: justify">Estimate losses on net realizable value (Note 7);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">e)</TD><TD STYLE="text-align: justify">Impairment of taxes (Note 9.6)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">f)</TD><TD STYLE="text-align: justify">Deferred income and social contribution tax assets (Note 13);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">g)</TD><TD STYLE="text-align: justify">Fair value measurement of investment properties (Note 15);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">h)</TD><TD STYLE="text-align: justify">Useful life of property, plant and equipment, right-of-use assets
and intangible assets with finite useful lives (Notes&nbsp;16, 17 and 18, respectively);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">i)</TD><TD STYLE="text-align: justify">Impairment of intangible assets with indefinite useful life,
including goodwill (Note 18);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">j)</TD><TD STYLE="text-align: justify">Provisions (tax, labor and civil proceedings) (Note 26);</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">k)</TD><TD STYLE="text-align: justify">Fair value of financial instruments and derivatives (Note 32);
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">l)</TD><TD STYLE="text-align: justify">Stock option plan (Note 37.5).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">3.1.4.
Financial instruments</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Financial instruments include financial investments and marketable
securities, debt and equity instruments, trade accounts receivable and other receivables, cash and cash equivalents, derivative financial
instruments, loans and financing, as well as trade accounts payable and other debts.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial,sans-serif">Financial instruments were recognized in accordance with NBC TG 48 (IFRS 9) &ndash;
Financial instruments, as per CVM Resolution 76/22.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">These financial assets and liabilities are initially recognized
when the Company becomes party to the contractual provisions of the instruments and are subsequently recognized at their fair value plus,
for instruments that are not recognized at fair value through profit or loss, any directly attributable transaction costs.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">After initial recognition, the Company classifies financial assets
as subsequently measured at:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Amortized cost</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">When the financial assets are held for the purpose of collecting
contractual cash flows and the contractual terms of these assets give rise to cash flows that are solely payments of principal and interest
on the principal amount outstanding.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Fair value through other comprehensive income (FVOCI)</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">When the financial assets are held both for the purpose of collecting
contractual cash flows and for the sale of these financial assets. In addition, the contractual terms must give rise to cash flows that
are solely payments of principal and interest on the principal amount outstanding.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Fair value through profit or loss (FVTPL) </B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">When financial assets are not measured at amortized cost, fair
value through other comprehensive income or designated as such upon initial recognition. Financial instruments are designated as measured
at fair value through profit or loss when the Company manages and makes purchase and sale decisions regarding these investments based
on their fair value and in accordance with the Company&rsquo;s documented risk management and investment decision. After initial recognition,
attributable transaction costs are recognized in profit or loss when incurred, along with the fluctuations in fair value.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The classification of the financial assets is based both on the
Company&rsquo;s financial asset management model and on their cash flow characteristics.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Similarly, the Company classifies financial assets and liabilities
as subsequently measured at their amortized cost, FVTPL or FVOCI. Financial liabilities measured at amortized cost use the effective interest
method, adjusted for any reductions in the settlement value.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Derivative financial instruments and hedge accounting</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The derivative financial instruments designated as hedge transactions
are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value. Derivatives are presented as financial assets when the fair value of the instrument is positive and as financial liabilities when
the fair value is negative.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Any gains or losses arising from changes in the fair value of financial
instruments during the year are recognized directly in the statement of income, except for financial instruments designated for cash flow
hedge accounting, which are recognized directly in equity as other comprehensive income. The amounts recognized under other comprehensive
income are immediately transferred to the statement of income when the hedged transaction affects profit or loss.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">3.1.5.
Current and non-current assets</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main policies adopted for current and non-current assets are
as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Cash and cash equivalents</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Consist of cash, banks and highly liquid financial investments
with maturities equal to or less than 90 days at the time of acquisition that are readily converted to known amounts of cash and that
are subject to an insignificant risk of change in value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Financial investments and marketable securities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">They include virtually all investments of the following types:
time deposit, interest-bearing deposit and repurchase agreements. These investments may be readily redeemed and have an insignificant
risk of change in value. In addition, shares and ADRs of listed companies and non-convertible debentures are recorded under this line
item.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Trade accounts receivable</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Trade accounts receivable are recorded at the fair value and when
applicable, discounted to present value, according to NBC TG 12 (CVM Resolution 190/23) &ndash; Present value adjustment.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The estimated loss on doubtful accounts is set up in an amount
deemed sufficient by Management to cover any losses on the realization of receivables, calculated on an individual basis and considering
in its assumptions the concept of estimated credit losses, as introduced by NBC TG 48 (IFRS 9) / (CVM Resolution 76/22) &ndash; Financial
instruments.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Inventories</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Inventories are stated at the average acquisition or production
cost, adjusted at net realizable value, if lower than the average cost.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Biological assets</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">According to NBC TG 29/R2 (CVM Resolution 74/22) - Biological assets
and agricultural produce, agricultural activity is the management of the biological transformation of assets (living animals and/or plants)
for sale, into agricultural products or into additional biological assets. The Company classifies cattle, poultry, pork and forests as
biological assets.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company recognizes biological assets when it controls these
assets as a result of past events and it is probable that future economic benefits will flow to the Company and the fair value of the
asset can be reliably measured.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Under NBC TG 29/R2 (CVM Resolution 74/22) &ndash; Biological assets
and agricultural produce, biological assets must be measured on initial recognition and at the end of each reporting period at fair value
less costs to sell, unless fair value cannot be reliably measured.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company values cattle at its fair value based on market prices,
and poultry, pork and forests are determined using unobservable data. Therefore, they are classified in the Level 3 fair value category.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Restricted cash</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Refers to the balance in a bank account which cannot be used temporarily,
derived from business combinations to guarantee certain indemnity events. The classification of cash into current and non-current assets
depends on the contractual rules for releasing the amounts to each party.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Investments</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Parent company&rsquo;s investments in subsidiaries, associates
and joint venture are accounted for using the equity method in the financial statements.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Investment property</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In accordance with NBC TG 28/R3 (CVM Resolution 107/22), investment
property is initially recognized at acquisition cost (including transaction costs) and, after initial recognition, it is measured at fair
value.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The fair values are based on market values and reflect the estimated
amount at which the property could be negotiated on the appraisal date in an arm&rsquo;s length transaction. The Company reassess its fair value
on an annual basis.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Property, plant and equipment</b></p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Property, plant and equipment are stated at
acquisition or construction cost, less depreciation calculated using the straight-line method at the rates mentioned in Note 16 and take
into consideration the estimated useful lives of assets, based on property lease terms with respect to leasehold improvements.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finance charges on financing agreements incurred
when property, plant and equipment items are being built are capitalized until the asset begins its operations.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Other expenditures are capitalized only if the
economic benefits associated with the property, plant and equipment item increase. Any other type of expenditure is recognized as an expense
when incurred.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to NBC TG 01/R4 (CVM Resolution 90/22)
&ndash; Impairment of assets, an asset is tested for impairment on an annual basis. The recoverable amount of the asset must be estimated
during the year only if there is any indication of impairment.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The recoverability analysis comprises projecting
the profitability and future cash of the Company&rsquo;s business units, which are discounted to present value to identify the degree
of recoverability of the asset.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Lease (Right of use)</b></p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Leases are accounted for in accordance with
NBC TG 06 (R3) / IFRS 16 (CVM Resolution 95/22), which requires that for all lease agreements under the scope of this standard, except
those entitled to exemptions, lessees must recognize the liabilities assumed as corresponding entries to the respective right-of-use assets.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company opted to use the exemptions proposed
by the standard for lease agreements with terms ending 12 months as from initial adoption and for lease agreements whose underlying assets
are of low value.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Intangible assets</b></p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Intangible assets consist of assets acquired from
third parties, including through business combinations, and those generated internally by the Company. They are stated at acquisition
or formation cost, less amortization calculated using the straight-line method, and based on the recovery estimated periods.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Intangible assets with indefinite useful lives
and goodwill resulting from expected future profitability are not amortized and are tested annually for impairment.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The goodwill represents the excess of total consideration
paid over the difference between the fair value of assets acquired and liabilities assumed on the takeover date of the acquired company.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Goodwill is capitalized as an intangible asset
and any impairment is recognized in the statement of income.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Whenever the fair value of the assets acquired
and liabilities assumed exceeds total consideration paid, the difference will be fully recognized in the statement of income at the acquisition
date.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Goodwill from the acquisition of businesses by
September 30, 2008 (last acquisition prior to the transition date as of January 1, 2009 referring to full adoption of the International
Financial Reporting Standards (IFRS)) was calculated based on the accounting standards prior to NBC TG 15/R4 (CVM Resolution 71/22) -
Business combinations. The Company decided to adopt IFRS in all business acquisitions as from September 30, 2008. These goodwill amounts
were based on expected future profitability, supported by valuation reports from experts.</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The trademarks acquired from third parties, prior
to December 31, 2009, were measured at the paid amount, while trademarks, customer relationship and supplier relationship acquired as
part of business combination after September 30, 2008 were calculated at fair value pursuant to NBC TG 15/R4 (CVM Resolution 71/22) &ndash;
Business combinations, for more details on the business combinations and the respective values derived from each one, see the Company&rsquo;s
previous financial statements.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.6.
Impairment</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to NBC TG 01/R4 (CVM Resolution 90/22)
&ndash; Impairment of assets, the impairment test of goodwill and intangible assets with indefinite useful lives is conducted annually,
and other intangible assets with finite useful lives are tested whenever there is evidence of non-realization.</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certain intangible assets of the Company have
indefinite useful lives, according to valuation from experts.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The recoverability analysis comprises projecting
the profitability and future cash of the Company&rsquo;s business units, which are discounted to present value to identify the degree
of recoverability of the asset.</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Discounted cash flows to assess the recoverability
of assets are prepared for a maximum period of 5 years, strictly in line with the applicable accounting standard. The cash flows are in
line with the Company&rsquo;s strategic plan and growth projections based on past information updated by material facts. The discount
rates of the cash flows use the WACC method and were properly discussed and validated with the Company&rsquo;s management.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When it is not possible to estimate the recoverable
amount of an individual asset, an impairment test is conducted in its cash generating unit (CGU), the smallest group of assets to which
the asset belongs and for which there are separately identifiable cash flows. The Company adopts as CGU for assessing the recoverable
amount of an asset, its segmentation by business unit (BU).</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Goodwill recorded on initial recognition of an
acquisition is allocated to each BU of the Company that is expected to benefit from the synergies of the combination that originated the
goodwill, for purposes of impairment test.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Impairment losses are included in the statement
of income. An impairment loss recorded for goodwill is not reversed.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.7.
Current and non-current liabilities</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Current and non-current liabilities are stated
at known or estimated amounts, plus the related charges, exchange rate gains (losses) and/or monetary changes incurred through the balance
sheet date, when applicable.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.8.
Provisions</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Provisions are recognized when an outflow of future
economic benefits resulting from past events is probable and they can be reliably estimated.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.9.
Share-based payment plan</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The effects of the share-based payment plan are
calculated at fair value and recognized in the balance sheet and the statement of income as contract conditions are met and as commented
in Note 37.5.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.10.
Income and social contribution taxes</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company recognizes deferred taxes on tax
losses, tax loss carryforwards and temporary differences. In the consolidated financial statements, deferred income tax is estimated in
compliance with the regulations of the various jurisdictions in which the Company conducts business and with NBC TG 32/R4 (CVM Resolution
109/22) &ndash; taxes on income, which requires estimating the current tax position and assessing any temporary differences that result
in the difference between the tax and the accounting treatments.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Deferred income and social contribution tax assets
and liabilities are offset when there is a legal right to offset tax liabilities using tax credits and provided they are related to the
same tax authority and the same legal entity.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Tax losses and tax loss carryforwards calculated
in Brazil are not time-barred, but are limited to the use of 30% on taxable income for the year.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Credits from deferred tax assets on tax losses
and social contribution tax loss carryforwards are booked to the extent that it is probable that future taxable income will be available
for use; these credits may also arise from assets acquired and liabilities assumed on transactions in line with the Company&rsquo;s business
model.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The carrying amount of a deferred tax asset is
revised periodically. The projections, limited to ten years, are revised annually. If there are relevant factors that change the projections,
these are revised during the Company&rsquo;s fiscal year.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The assessment of realization of these credits
considers future income projections, based on judgments and assumptions. Similarly to any other accounting estimate, actual results may
differ due to inherent uncertainties of the process. Consequently, there is a significant risk of adjustments to the carrying amounts
of assets recorded in the financial statements.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The projections take into account the Company&rsquo;s
profitability history, adjusted for recent factors and diverse economic scenarios, considering its global presence and diversified operations
in the Americas.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Furthermore, income and social contribution
taxes for the current year are calculated based on taxable income in accordance with the legislation in force in each jurisdiction in
which the Company operates.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.11.
Dividends and interest on equity</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The distribution of dividends and interest on
capital, if any, is made provided that it is within the mandatory minimum dividend amount, and is recorded as current liabilities since
it is considered a legal obligation set forth in the bylaws. The amount that exceeds the mandatory minimum dividend, declared by Management
before the end of the reporting period, is recorded as additional dividend proposed in equity until the approval by the shareholders at
the General Meeting.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.12.
Earnings per share</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Basic</b></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Basic earning/loss per share is calculated by
dividing the earnings or loss attributable to the Company&rsquo;s controlling and non-controlling shareholders by the weighted average
number of common shares outstanding during the year. This calculation is made pursuant to NBC TG 41/R2 (CVM Resolution 113/22) &ndash;
earnings (loss) per share, excluding the shares classified as treasury shares.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Diluted</b></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Diluted earnings (loss) per share is calculated
by dividing the earnings/loss attributed to the Company&rsquo;s common shareholders by the weighted average number of common shares that
would be issued in the conversion of all potential diluted common shares into common shares.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When there are no potential diluted common shares
(such as stock option), the number of shares considered in the calculation of basic and diluted earnings remains the same.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.13.
Share issuance expenses</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In accordance with NBC TG 08 (CVM Resolution 188/23)
&ndash; transaction costs and premium on issue of securities, transaction costs incurred with the raising of funds through the issuance
of equity securities should be separately recorded in a valuation allowance which reduces equity, less possible tax effects, except if
these costs are immaterial, in which case they are recognized in profit or loss for the year.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.14.
Treasury shares</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Treasury shares are Company shares acquired by
the Company itself and held in the treasury with the specific purpose of exercise of the Company&rsquo;s stock option plan. Treasury shares
are recorded in a separate account.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.15.
Consolidation</font></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accounting policies are uniformly applied to all
consolidated companies and are consistent with those applied in prior years.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Description of the main consolidation procedures:</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in">a)</td><td style="text-align: justify">Elimination of the balances of intercompany assets and liabilities;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in">b)</td><td style="text-align: justify">Elimination of ownership interest, reserves and retained earnings of subsidiaries;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in">c)</td><td style="text-align: justify">Elimination of balances of intercompany revenues and expenses and unrealized profits resulting from intercompany
transactions; and</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in">d)</td><td style="text-align: justify">Investments in associates and joint ventures are recognized using the equity method and are not eliminated
in the consolidation process.</td></tr></table>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.16.
Statement of value added</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company prepared the statement of value added
in accordance with NBC TG 09 (CVM Resolution 117/22) &ndash; Statement of value added, which is an integral part of the financial statements
under Brazilian accounting standards applicable to listed companies, while it represents additional information under IFRS standards.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">3.1.17.
Hyperinflationary economy</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The effects were recognized against &ldquo;Cumulative
translation adjustment and asset valuation adjustment&rdquo; in equity and foreign exchange variations were recorded in the statement
of income for the year.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As required by the accounting standard, non-monetary
items, as well as the income for the year, were restated by the variation in the inflation index between the initial recognition period
and the reporting period, with the aim of recording the balance sheet of subsidiaries at current value.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The translation of the balances of subsidiaries
located in a hyperinflationary economy into the reporting currency was made at the exchange rate in force at the end of the year, for
balance sheet and statement of income items.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the financial statements for 2024, restatement
due to hyperinflation had a positive impact of R$ 893,407 on the Company&rsquo;s results.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">Argentina</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since 2018, Argentina has been considered a hyperinflationary
economy. The inflation rate defined and applied in 2024 was 118% (211% in 2023).</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><font style="text-transform: none">Turkey</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"><FONT STYLE="text-transform: none">&nbsp;</font></p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since 2022, Turkey has been considered a hyperinflationary
economy. The inflation rate defined and applied in 2024 was 44% (65% in 2023).</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has presented the financial statements
with the restatement for inflation for subsidiaries in these countries.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB">3.2. Business
combinations</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB">&nbsp;</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Business combinations are recognized using the
acquisition method. The cost of an acquisition is the sum of the consideration transferred, measured at fair value at the acquisition
date, and the value of any non-controlling interest in the acquiree.</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company measures the non-controlling interest
in the acquiree at the fair value or based on the acquirer&rsquo;s share in fair value of the acquiree&rsquo;s identifiable net assets.
Costs that are directly attributable to the acquisition are recorded as an expense when incurred.</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Business combinations between entities under common
control are recognized using the acquisition method when the agreements have substance and at cost when no substance is observed in the
transaction.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In assessing the existence of substance, factors
such as involvement of third parties in the transaction, creation of new entities, future plans for the new entity as eventual sale, change
of control, among others, are considered.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In a business acquisition, Management assesses
the assets acquired and liabilities assumed with the objective of classifying and allocating them according to contractual provisions,
economic circumstances and relevant conditions at the acquisition date.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="text-indent: 0pt; font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">Goodwill is initially measured as the excess
of the consideration transferred in the business combination over the fair value of the net assets acquired (identifiable assets and
liabilities assumed, net). If the consideration transferred is less than the fair value of the net assets acquired, the difference should
be recognized as a gain in the statement of income (gain on bargain purchase).</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin: 0pt; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB">3.3.
Assets and liabilities held for sale and discontinued operations</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB">&nbsp;</p>

<P STYLE="font: 7pt/14pt Arial, Helvetica, Sans-Serif; margin: 5pt 0pt 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 7pt"></FONT></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin: 0pt; text-align: justify">The classification as a discontinued operation
occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified
as a discontinued operation, the comparative statement of income and the statement of cash flows are presented considering that the operation
was discontinued since the beginning of the comparative year.</p>

<p style="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These assets are measured at the lower of their
carrying amounts and their fair value less costs to sell. When classified as held for sale, intangible assets and property, plant and
equipment are not amortized or depreciated.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Assets classified as held for sale are presented
separately from other assets in the balance sheet. Similarly, liabilities that are related to assets held for sale are also presented
separately from other liabilities.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The result from discontinued operations is presented
in a single amount in the statement of income, comprising the total result after Income Tax and Social Contribution of these operations
less any impairment loss.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This information is presented in Note 12 - Assets
and liabilities held for sale and discontinued operations.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 25; Value: 16 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB">3.4.
Employee benefit plans</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF sponsors supplementary defined
benefit and defined contribution pension plans, as well as other post-employment benefits for which annually actuarial studies are prepared
by independent professionals and revised by Management. The cost of the defined benefits is established individually for each plan, based
on the projected unit credit method.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Remeasurements, which comprise the actuarial gains
and losses, the effect of the asset ceiling and the return on plan assets are recognized immediately in the balance sheet with a balancing
entry in Other comprehensive income in the year in which they occur, except for the Seniority Bonus, which is recognized in the statement
of income for the year. Remeasurements recognized in other comprehensive income are not reclassified.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF recognizes the net defined benefit
asset when certain conditions are met.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Past service cost is recognized in the statement
of income for the year on the following dates, whichever occurs first:</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">a) when the plan amendment or curtailment occurs;
and</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">b) when subsidiary BRF recognizes the related
restructuring costs.</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cost of services and net interest on the defined
benefit liability or asset are recognized in the categories of expenses related to the function performed by the beneficiary and in the
financial result, respectively.</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>





<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB">3.5.
Hedge accounting</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cash flow hedge: the effective portion of the
gain or loss of the hedging instrument is recognized under Other comprehensive income, and the ineffective portion under financial result.
Cumulative gains and losses are reclassified to the statement of income or to the balance sheet when the hedged item is recognized, adjusting
the line item in which the hedged item was recorded.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When an instrument is designated as cash flow
hedge, the changes in the fair value of the future element of foreign currency forwards and of the timing element of the options are recognized
under Other comprehensive income. Upon settlement of the instrument, these hedge costs are reclassified to the statement of income, together
with the instrument&rsquo;s intrinsic value.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">A hedging relationship is discontinued prospectively
when it no longer meets the criteria for qualifying as hedge accounting. Upon discontinuation of a cash flow hedge relationship where
the hedged future cash flows are still expected to occur, the cumulative amount remains under Other comprehensive income until the cash
flows occur and the respective amount is reclassified to the statement of income.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Fair value hedge: the effective portion of the
gain or loss of the hedging instrument is recognized in the statement of income or in the balance sheet, adjusting the line item in which
the hedged item is or will be recognized. The hedged item, when designated in this relationship, is also measured at fair value.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hedge of net investment in foreign operation:
the effective result of the instrument&rsquo;s exchange rate variation is recorded under Other comprehensive income, in the same line
item in which the gains (losses) on the translation of the hedged investments are recognized. Upon disposal of the hedged investments,
the accumulated amount is reclassified to the statement of income for the year.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB">3.6.
New standards and interpretations</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB"><b>3.6.1. New and revised standards
applied</b></p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management believes that the following standards
or amendments have not had and will not have significant impacts on the Company:</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: -63.85pt"><font style="font-size: 10pt"><b>Standard</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Description </b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p></td>
    <td style="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Effective
                                            date</b></p></td></tr>
  <tr style="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 16%">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>IFRS 16/CPC 06 </b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>(R2)</b></p></td>
    <td style="width: 62%; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 15.25pt; text-align: justify"><font style="font-size: 10pt">The amendments add subsequent measurement requirements for sale and leaseback transactions that&nbsp;&nbsp;satisfy the requirements of IFRS 15/CPC 47.</font></td>
    <td style="width: 22%; border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2024.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right">&nbsp;</p></td></tr>
  <tr style="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><font style="font-size: 10pt"><b>IAS 1/CPC 26</b></font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 14.95pt; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">The amendments clarify aspects to be considered when classifying liabilities as current and non-current. Additionally, they clarify that only covenants to be fulfilled at or before the end of the reporting period affect the entity&rsquo;s right to defer the settlement of a liability for at least 12 months after the reporting date.</font></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td style="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2024.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right"><b>&nbsp;</b></p></td></tr>
  <tr style="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>IAS 7/CPC 03 (R2)</b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>and IFRS 7</b></p></td>
    <td style="border-bottom: #0070C0 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 14.95pt; text-align: justify"><font style="font-size: 10pt">The amendments clarify that the entity shall disclose supplier finance arrangements, with information that allows users of financial statements to assess the effects of these arrangements on the entity&rsquo;s liabilities and cash flows.</font></td>
    <td style="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2024.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right">&nbsp;</p></td></tr>
  </table>
<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB"><b>&nbsp;</b></p>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><b>&nbsp;</b></p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB"><b>3.6.2. New standards, amendments
and interpretations to existing standards that are not yet mandatory or effective at December 31, 2024</b></p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management is assessing whether the following
standards and amendments will have significant impacts on the Company:</p>

<p style="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: -63.85pt"><font style="font-size: 10pt"><b>Standard</b></font></td>
    <td style="border-bottom: #0070C0 1.5pt solid">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Description</b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p></td>
    <td style="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b></b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Effective date</b></p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1pt solid; width: 11%">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: -0.3pt"><b>IFRS S1 &ndash; (CVM Resolution 217/2024)</b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 6.85pt 0 0; text-indent: -0.3pt"><b>&nbsp;</b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 6.85pt 0 0; text-indent: -0.3pt"><b>IFRS S2 &ndash; (CVM Resolution 218/2024)</b></p></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 61%; text-align: justify"><font style="font-size: 10pt">On December 26, 2023, CVM approved Resolution 193/23, which establishes the voluntary option for disclosure of sustainability-related financial information, in accordance with the standards issued by the International Sustainability Standard Board (&ldquo;ISSB&rdquo;), which provide new requirements for disclosure of sustainability-related risks and opportunities and specific climate-related disclosures, respectively. Accordingly listed companies, investment funds and securitization companies</font></td>
    <td style="width: 28%; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 1.05pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">May voluntarily adopt these requirements for annual periods beginning on or after January 1, 2024 and adoption will be mandatory for annual periods beginning on or after January 1, 2026. </font></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><font style="font-size: 10pt"><b>CPC 18 (R3)</b></font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-size: 10pt">CVM Resolution 211 makes Technical Pronouncement CPC 18 (R3) &ndash; Investments in Associates and Joint Ventures, issued by the Brazilian Accounting Pronouncements Committee (CPC), mandatory for listed companies, pursuant to Appendix &ldquo;A&rdquo; of the Resolution, revoking CVM Resolution 118.</font></td>
    <td style="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">The regulation comes into force on January 1,
    2025, applying to annual periods beginning on or after this date.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right">&nbsp;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><font style="font-size: 10pt"><b>ICPC 09 (R3)</b></font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-size: 10pt">CVM Resolution 212 makes Technical Interpretation ICPC 09 (R3) &ndash; Individual Financial Statements, Separate Statements, Consolidated Statements and Application of the Equity Method, issued by the CPC, mandatory for listed companies, revoking CVM Resolution 124.</font></td>
    <td style="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">The regulation comes into force on January 1,
    2025, applying to annual periods beginning on or after this date.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right"><b>&nbsp;</b></p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1pt solid">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>CPC 02 (R2)</b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>&nbsp;</b></p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-indent: 0in"><b>CPC 37 (R1)</b></p></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-size: 10pt">CVM Resolution 213 makes Revision Document of Technical Pronouncement 27, issued by the CPC, mandatory for listed companies. The document presents amendments to Technical Pronouncements CPC 02 (R2) - The Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements and CPC 37 (R1) - First-time Adoption of the International Financial Reporting Standards.</font></td>
    <td style="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2025.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: right">&nbsp;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 6.85pt; text-indent: -0.3pt"><font style="font-size: 10pt"><b>IAS 21/CPC 02 (R2)</b></font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-size: 10pt">The amendments require the disclosure of information that allows users of financial statements to understand the impact of a currency not being exchangeable.</font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 1.05pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">Effective for annual periods beginning on or after January 1, 2025.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><font style="font-size: 10pt"><b>IFRS 18</b></font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-size: 10pt">The IFRS Accounting Standards, international standard-setting body, issued, on April 9, 2024, IFRS 18 - Presentation and Disclosure in Financial Statements. This standard is the result of a project initiated in April 2016 and now, issued in final form, will modify mainly the presentation format of the Statement of Profit or Loss and require new information related to management-defined performance measures.</font></td>
    <td style="border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">Effective for annual periods beginning on or after January 1, 2027.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: #0070C0 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><font style="font-size: 10pt"><b>IFRS 19</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt auto 0pt 0pt; text-align: justify">The IFRS Accounting Standards, international
    standard-setting body, issued, on May 9, 2024, IFRS 19 - Subsidiaries without Public Accountability: Disclosures. This standard aims to
    allow an eligible subsidiary to provide reduced disclosures when applying IFRS Standards in the preparation of its financial statements.
    To be eligible, the entity must be a subsidiary, must not have public accountability, and must have a parent that publishes consolidated
    financial statements, available for public use, that comply with IFRS Standards.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 14.95pt 0 0; text-align: justify">&nbsp;</p></td>
    <td style="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt">
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2027.</p>
    <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1pt 0 0; text-align: center">&nbsp;</p></td></tr>
  </table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"></p>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB"><b>3.7. International Tax Reform</b></p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In December 2021, the Organization for Economic
Cooperation and Development (&ldquo;OCDE&rdquo;) disclosed the rules of the Pillar Two model for an international tax reform (IAS 12 /
CPC 32), applicable to multinational groups with consolidated revenues exceeding &euro; 750 million in at least two of the last four years.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Multinational groups falling within the scope
of these rules will be required to calculate an effective tax rate in each country where they operate, thus obtaining an effective rate
for each jurisdiction.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the effective tax rate of the jurisdiction
in which the group operates is lower than the minimum defined rate of 15%, the multinational group will be required to pay a supplementary
amount of income tax relating to the difference.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since 2024, the Company is subject to the rules
of the OCDE Pillar Two model in Austria, South Africa, Netherlands, United Kingdom and Turkey, and has not identified significant impacts
for these jurisdictions.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Concurrently, Provisional Measure 1,262, Regulatory
Instruction 2,228/24 and Law 15,079/24 were issued in Brazil, introducing the Qualified Domestic Minimum Top-up Tax (QDMTT), effective
as from January 1, 2025, representing a partial adoption of the Pillar Two rules.</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is monitoring the potential impacts
that this new rule may have to the Group.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0pt; text-transform: uppercase; text-align: justify; text-indent: 0pt; color: #1374FB">3.8.
Consolidated financial statements</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The consolidated financial statements include
the accounts of the Company and its subsidiaries, as per the table showing the equity interests of the Company in Note 14.1 &ndash; Direct
investments of the parent company.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The financial statements of foreign subsidiaries
were prepared in accordance with the law of each country where the companies are located and were converted into the accounting policies
issued by the IFRS Accounting Standards.</p>

<p style="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 10pt 0in; text-align: justify"><FONT STYLE="font-weight: normal">The
table below presents the direct (blue) and indirect equity interests included in the financial statements:</FONT><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; color: #021F59; width: 30%">EQUITY INTEREST</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 68%">&nbsp;</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle">
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">PARENT</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">CORE ACTIVITY</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">Marfrig Global Foods S.A.</td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">Processing of products (formed by cattle slaughter facilities in operation, which are also used in beef processing, and for the manufacture of animal nutrition products) and sale of animal-based (beef, pork, lamb, fish and poultry) and plant-based proteins. Located in the States of S&atilde;o Paulo, Mato Grosso, Mato Grosso do Sul and Rio Grande do Sul, in addition to distribution centers in the States of S&atilde;o Paulo, Rio de Janeiro and Rio Grande do Sul, which are also used for beef processing.</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">&nbsp;</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle">
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">SUBSIDIARIES</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">CORE ACTIVITY</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB">Masplen Ltd.</td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Pampeano Alimentos S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Producer of canned meat and other processed products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marfrig Overseas Ltd.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Specific purpose entity - SPE</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marfrig Comercializadora de Energia Ltda.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Energy trading and associated services</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif; color: #1374FB">Inaler S.A.</font> <font style="font: normal 400 8pt Arial, Helvetica, Sans-Serif; color: #3366FF"><sup>(a)</sup></font></td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif; color: #1374FB">Establecimientos Colonia S.A.</font> <font style="font: normal 400 8pt Arial, Helvetica, Sans-Serif; color: #3366FF"><sup>(a)</sup></font></td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Frigor&iacute;fico Tacuaremb&oacute; S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Indusol S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Specific Purpose Entity - SPE for commission of industry in Uruguay</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif; color: #1374FB">Prestcott International S.A.</font> <font style="font: normal 400 8pt Arial, Helvetica, Sans-Serif; color: #3366FF"><sup>(a)</sup></font></td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Cledinor S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products:&nbsp;&nbsp;beef and lamb</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Abilun S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Dicasold S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marketing and distribution of food products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marfrig Chile S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">MFG Holdings SAU</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Quickfood S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;Estancias del Sur S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marfrig Holdings (Europe) B.V.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company whose purpose is to raise funds</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marfrig Beef (UK) Limited</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Weston Importers Ltd.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Trading</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;MARB Bondco PLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company whose purpose is to raise funds</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;MBC Bondco Limited <sup>(b)</sup></font></td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company whose purpose is to raise funds</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marfrig Beef International Ltd.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">MFG US Holdings Limited</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;Marfrig NBM Holdings Ltd.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;Marfrig US Holdings, LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Beef Holdings Limited</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;COFCO Keystone Supply Chain (H. Kong) Investment Ltd.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Joint venture</font></td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;COFCO Keystone Supply Chain (China) Investment Ltd.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Joint venture</font></td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">NBM US Holdings, Inc.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company whose purpose is to raise funds</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;MF Foods USA LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;Plant Plus Foods, LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Joint venture</font></td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant Plus Foods Brasil Ltda.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Joint venture</font></td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant Plus Foods Canada Inc. <sup>(b)</sup></font></td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Joint venture</font></td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VG HilarysEatWell, LCC <sup>(b)</sup></font></td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: italic 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Joint venture</font></td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;National Beef Packing Company, LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Premium, LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Carriers, Inc.&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Transportation</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCI Leasing, Inc.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Leasing transportation</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beef California, LP&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beef Japan, Inc.&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beef Korea, Ltd.&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Steak Company, LLC&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">DTC Marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Elite Transportation, LLC&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Transportation</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beef Leathers, LLC&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing of leather</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beef de Le&oacute;n S. de R.L. de C.V.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing of leather</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beef Ohio, LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;National Beef aLF, LLC</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Holding company</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;alF Ventures, LLV</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Zutfray S.A.</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; border-top-color: #E7E6E6; border-top-width: 0.5pt">Processing and marketing of products</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<!-- Field: Page; Sequence: 30; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1.5pt solid; font-size: 10pt; color: #021F59; font-weight: bold; width: 30%"><FONT STYLE="font-size: 10pt; color: rgb(1,30,89)">EQUITY
    INTEREST - CONTINUED</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1.5pt solid; font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1.5pt solid; font-size: 10pt; width: 68%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">SUBSIDIARIES</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">CORE ACTIVITY</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; color: #1374FB"><FONT STYLE="font-size: 10pt">BRF
    S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; color: #1374FB"><FONT STYLE="font-size: 10pt">Processing
    and marketing of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;BRF
    GmbH</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; vertical-align: bottom; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;BRF
    Foods UK Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; vertical-align: middle; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of administrative and marketing services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Arabia Holding Company JCS</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; vertical-align: bottom; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">BRF
    Arabia Food Industry Ltd. <SUP>(n)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Preparation
    and preservation of meat, fish, crustaceans and shellfish and production of animal and vegetable oils and fats</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">BRF
    Foods GmbH <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Processing,
    import and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">BRF
    Foods LLC <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    processing and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">BRF
    Foods LLC <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Processing,
    import and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 54px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Al
    Khan Foodstuff LLC (&ldquo;AKF&rdquo;) <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    sale and distribution of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 54px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">TBQ
    Foods GmbH</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 72px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Banvit
    Bandirma Vitaminli</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    processing and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 90px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Banvit
    Enerji ve Elektrik &Uuml;retim&nbsp;&nbsp;Ltd. Sti. <SUP>(l)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Energy
    generation and trading</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 90px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Nutrinvestments
    BV <SUP>(k)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Global Company Nigeria Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of marketing and logistics services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Global Company South Africa Proprietary Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of administrative, marketing and logistics services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Global GmbH</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    and trading</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Japan KK</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of marketing and logistics services, import, export, processing and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Korea LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of marketing and logistics services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">BRF
    Kuwait Food Supply Management Co. <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of consulting and marketing services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Shanghai Management Consulting Co. Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of consulting and marketing services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Shanghai Trading Co. Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    export and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">BRF
    Singapore Foods PTE Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Provision
    of administrative, marketing and logistics services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Eclipse
    Holding C&ouml;operatief U.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Buenos
    Aires Fortune S.A. <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Eclipse
    Latam Holdings <SUP>(m)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Perdig&atilde;o
    Europe Lda. <SUP>(j)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import
    and export of products and provision of administrative services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">ProudFood
    Lda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import
    and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Sadia
    Chile S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    export and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">One
    Foods Holdings Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Al-Wafi
    Food Products Factory LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    export, processing and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Badi
    Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 54px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Al-Wafi
    Al-Takamol International for Foods Products</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import
    and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 54px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Joody
    Al Sharqiya Food Production Factory LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import
    and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 36px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Federal
    Foods LLC <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    sale and distribution of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; padding-left: 54px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Federal
    Foods Qatar <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    sale and distribution of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;BRF
    Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Energy
    trading</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;BRF
    Pet S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Processing,
    sale and distribution of animal feed and nutrition products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Hecosul
    Alimentos Ltda. <SUP>(o)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Production
    and sale of animal feed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">Hercosul
    Distribui&ccedil;&atilde;o Ltda. <SUP>(o)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import,
    export, wholesale and retail of animal feed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Hercosul
    International S.R.L.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Production,
    export, import and sale of animal feed and nutrition products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Hercosul
    Solu&ccedil;&otilde;es em Transportes Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Road
    freight</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; padding-left: 18px; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Mogiana
    Alimentos S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Production,
    distribution and sale of pet food products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;Potengi
    Holdings S.A. <SUP>(d)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;PR-SAD
    Administra&ccedil;&atilde;o de bem pr&oacute;prio S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Asset
    management</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;PSA
    Laborat&oacute;rio Veterin&aacute;rio Ltda. <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Veterinary
    services</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Sadia
    Alimentos S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Holding
    company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;Sadia
    Uruguay S.A. <SUP>(h)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Import
    and sale of products</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;&nbsp;Vip
    S.A. Empreendimentos e Participa&ccedil;&otilde;es Imobili&aacute;rias <SUP>(g)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-size: 10pt; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Real
    estate activity</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 10pt; padding-left: 0.375in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400">MBR
    investimentos Ltda. <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Holding of interests in companies, management
    of companies and enterprises and management of company-owned assets</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Assets
held for sale.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"><SUP>(b)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">The
operations of subsidiaries MBC Bondco Limited, VG HilarysEatWell LLC and PlantPlus Foods Canada Inc. were discontinued.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">For these entities, the Company has agreements that guarantee
total economic rights, except for AKF, for which the economic rights are 99%.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(d)</SUP></TD><TD STYLE="text-align: justify">Associate with a subsidiary of Auren Energia S.A., whose economic
interest is 24%. On October 9, 2024, a capital increase of R$ 94,221 was approved, of which R$ 22,613 by BRF Energia S.A. On December
11, 2024, a capital increase of R$ 94,000 was approved, of which R$ 22,560 by BRF Energia S.A.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(e)</SUP></TD><TD STYLE="text-align: justify">On January 15, 2024, subsidiary BRF Foods LLC (Russia) was dissolved.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(f)</SUP></TD><TD STYLE="text-align: justify">On March 19, 2024, subsidiary Buenos Aires Fortune S.A. was
dissolved.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(g)</SUP></TD><TD STYLE="text-align: justify">On March 28, 2024, subsidiaries VIP S.A. Empreendimentos e Participa&ccedil;&otilde;es
Imobili&aacute;rias and PSA Laborat&oacute;rio Veterin&aacute;rio Ltda. were merged into BRF S.A. and indirect subsidiary BRF Investimentos
Ltda. became a direct subsidiary of BRF S.A. On December 23, 2024, the corporate name of BRF Investimentos Ltda. was changed to MBR Investimentos
Ltda.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(h)</SUP></TD><TD STYLE="text-align: justify">On March 31, 2024, there was a capital reduction in subsidiary
Sadia Uruguay S.A. by UYU 415,000 (R$ 55,365), and on June 17, 2024, there was another capital reduction by UYU 415,000 (R$ 58,515).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(i)</SUP></TD><TD STYLE="text-align: justify">BRF Foods GmbH, an Austrian company, had a branch in the United
Arab Emirates, which on April 5, 2024 was converted into a limited company, named BRF Foods LLC (EAU). On February 1, 2025, subsidiary
BRF was merged into BRF GmbH.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(j)</SUP></TD><TD STYLE="text-align: justify">On April 29, 2024, subsidiary Perdig&atilde;o Europe Lda. was
dissolved.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(k)</SUP></TD><TD STYLE="text-align: justify">On July 19, 2024, subsidiary Nutrinvestments BV was dissolved.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(l)</SUP></TD><TD STYLE="text-align: justify">On September 9, 2024, subsidiary Banvit Enerji ve Elektric &Uuml;retim
Ltd. STI was dissolved.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(m)</SUP></TD><TD STYLE="text-align: justify">On November 8, 2024, subsidiary Eclipse Latam Holdings was dissolved.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(n)</SUP></TD><TD STYLE="text-align: justify">On November 28, 2024, BRF Arabia Food Industry Ltd. was established,
a wholly-owned subsidiary of BRF Arabia Holding Company JCS.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(o)</SUP></TD><TD STYLE="text-align: justify">On January 2, 2025, subsidiaries Hercosul Alimentos Ltda. and
Hercosul Distrui&ccedil;&atilde;o Ltda. were merged into Mogiana Alimentos S.A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-align: justify; color: #1374FB">3.9. Reclassification of the amounts
of advance for asset sale in the balance sheet and in the statement of cash flows for the year ended December 31, 2023</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s Management reclassified the amount of R$ 1,500,000
received as advance on August 28, 2023 for sale of assets, initially recorded under &ldquo;Advance for asset sale&rdquo; to &ldquo;Liabilities
related to assets held for sale&rdquo;, both in current liabilities in the balance sheet and, consequently, the effect of the statement
of cash flows, previously recorded as &ldquo;cash flow from operating activities&rdquo; to &ldquo;cash flows from discontinued operations&rdquo;.
The reclassification was made due to the partial closing of the asset sale operation, in which the Company received R$ 5,680,602, recorded
under &ldquo;discontinued operation&rdquo;, the origin of this amount is the same and its realization was based on a single base, that
is, by offset of amounts.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0in; color: #1374FB"> <FONT STYLE="font-family: Arial Black,sans-serif">4.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">CASH AND CASH EQUIVALENTS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Cash and cash equivalents group is composed of cash and demand
deposits, as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; width: 59%; font: 10pt Aptos,sans-serif; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt solid; font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: rgb(0,32,96)">12/31/2024</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; font: 10pt Aptos,sans-serif; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt solid; font: normal 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,32,96)"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash and banks</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; white-space: nowrap; padding-left: 5.4pt; text-align: right">716,435</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-left: 5.4pt">1,930,667</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt">3,321,225</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">5,586,182</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; font: bold 10pt Aptos,sans-serif; white-space: nowrap; padding-left: 5.4pt; text-align: right">15,885</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-left: 5.4pt">9,570</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt">1,195,462</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">874,030</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2pt double; font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; padding-left: 5.4pt; text-align: right">732,320</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2pt double; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; padding-left: 5.4pt">1,940,237</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2pt double; font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right">4,516,687</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2pt double; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt">6,460,212</TD>
    </TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 59%; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; white-space: nowrap; vertical-align: bottom; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;&nbsp;<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Brazilian real </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">18,257</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,409</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">322,396</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">178,136</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">US dollar</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">713,852</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,929,512</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,486,396</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5,464,952</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Euro</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">211</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">316</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">30,694</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">28,969</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Turkish Lira</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">6,348</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">93,641</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Saudi Riyal</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">256,879</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">307,151</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">413,974</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">387,363</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font-weight: bold; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">732,320</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,940,237</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,516,687</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">6,460,212</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">5.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">FINANCIAL INVESTMENTS AND MARKETABLE SECURITIES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The table below shows the financial investments and marketable
securities by type:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 50%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: rgb(1,30,89); white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>PMPV&nbsp;<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Average interest&nbsp;rate<BR>
 p.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: rgb(0,32,96)">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Financial investments:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bank Deposit Certificates - CDB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">12.29%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,570,296</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">316,458</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Repurchase and reverse repurchase agreements</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">12.00%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,730,075</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,442,393</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Fixed-income securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">616</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Brazilian prize-draw investment bonds </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,763</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,763</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3.00%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,271,870</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">292,438</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FIDC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.54</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">16.08%</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">27,592</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">33,660</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investment fund</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.02</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">10.89%</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">69,576</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total financial investments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 2.25pt; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5,671,172</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 2.25pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,087,328</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Marketable securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(231,230,230) 1pt solid; padding-bottom: 2pt; border-bottom: rgb(231,230,230) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">LFT - Financial Treasury Bill</FONT></TD>
    <TD STYLE="border-top: rgb(231,230,230) 1pt solid; padding-bottom: 2pt; border-bottom: rgb(231,230,230) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.68</TD>
    <TD STYLE="border-top: rgb(231,230,230) 1pt solid; padding-bottom: 2pt; border-bottom: rgb(231,230,230) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-top: rgb(231,230,230) 1pt solid; padding-bottom: 2pt; border-bottom: rgb(231,230,230) 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">12.25%</TD>
    <TD STYLE="border-top: rgb(231,230,230) 1pt solid; padding-bottom: 2pt; border-bottom: rgb(231,230,230) 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">46,774</TD>
    <TD STYLE="border-top: rgb(231,230,230) 1pt solid; padding-bottom: 2pt; border-bottom: rgb(231,230,230) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-top: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total marketable securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">46,774</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font: 2pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 2pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-bottom: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total financial investments and marketable securities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,717,946</TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,087,328</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5,717,946</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,087,328</TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP> Weighted average maturity in years.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: #0070C0 1pt solid; white-space: nowrap; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: #0070C0 1pt solid; font-style: normal; color: rgb(0,31,96); white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif; font-weight: normal"><FONT STYLE="font-style: normal"><B>PMPV</B><FONT STYLE="font-weight: normal"><SUP>(a)</SUP>&nbsp;</FONT></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: #0070C0 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: #0070C0 1pt solid; color: rgb(0,31,96); width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-style: normal; text-decoration-color: rgb(1,30,89); color: rgb(1,30,89)"><B>Average
    interest&nbsp;rate p.a.%</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Financial investments:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bank Deposit Certificates - CDB</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.17</TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">12.20%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,287,255</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,193,319</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Repurchase and reverse repurchase agreements</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">11.98%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,229,238</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,810,879</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Fixed-income bonds</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;
    &nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">616</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Brazilian prize-draw investment bonds </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,763</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,763</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Offshore note</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.11</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">11.18%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,501,608</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.03</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Turkish Lira</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">49.57%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">715,371</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">56,473</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.03</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3.60%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,104,085</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,277,012</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.53</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">South Korean Won</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2.63%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">87</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">340</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.74</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Paraguayan Guarani</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4.94%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,900</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,893</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.02</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Arab Dirham</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4.29%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">102,947</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Euro</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,952</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.01</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Saudi Riyal</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5.42%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">959,103</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">612,110</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.06</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">AOA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">10.07%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">55,449</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FIDC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.76</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9.63%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">46,042</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">50,150</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investment fund</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.02</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">10.89%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">69,576</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total financial investments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">17,080,424</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,022,507</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Marketable securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">B3 marketable securities</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.08</TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">20</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">20</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">LFT - Financial Treasury Bill</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">0.89</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">11.66%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">81,805</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">412,107</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NTN - National Treasury Notes</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">8.76</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">11.44%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">859,029</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ADRs securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1.08</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,481</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">12,103</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">External credit note <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5.40</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">6.82%</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">289,880</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">291,402</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total marketable securities</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,246,215</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">715,632</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total financial investments and marketable securities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; padding-bottom: 2pt; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">18,326,639</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; padding-bottom: 2pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,738,139</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">18,002,828</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,418,144</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">323,811</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">319,995</TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in"><SUP>(a)<FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></SUP>Weighted average maturity in years.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in"><SUP>(b)<FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></SUP>Investments in private securities and Angolan Government securities, which are presented net of expected credit losses in
the amount of R$&nbsp;22,530 (R$ 16,466 at December 31, 2023). These refer to bonds in US Dollar at a weighted average rate of 6.82% (US
Dollar - 6.34% and bonds - 5.90% in 2023).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 33; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF pledged the amount of R$ 69,753 (R$ 9,179 in 2023)
as collateral, with no restrictions, for operations with futures contracts traded on the B3, referring to cash and cash equivalents and
marketable securities.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s investments are mainly of types widely adopted
by the market, mitigating the risks, liquidity and profitability. Investments include Bank Deposit Certificates (CDBs) and repurchase
and reverse repurchase agreements, both indexed to the CDI and with possibility of immediate redemption, as well as fixed-income bonds,
which offer predictability of return.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In addition, the Company diversifies its portfolio with investments
in the international market, including time deposits with fixed rates and daily liquidity, and Brazilian prize-draw investment bonds structured
for predefined periods.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">For diversification and adjustment to market dynamics, the Company
has investments in alternative modalities that expands its strategic management, such as:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>FIDC &ndash; <I>Fundos de Investimentos em Direitos Credit&oacute;rios
</I>(Receivables Backed Investment Funds)</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Investment in quotas of funds for acquisition of credit rights,
which provide the Company with greater flexibility in the allocation of resources, without compromising liquidity or generating an immediate
financial burden.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Investment fund</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">This is an investment fund in fixed-income quotas, with predominant
allocation to low-risk assets, such as government and private securities. Its purpose is to provide liquidity and predictability, monitoring
economic indicators such as the CDI and the SELIC rate.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>National Treasury Securities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">These include Financial Treasury Bills (LFT), indexed to the SELIC
rate, and National Treasury Notes (NTN), indexed to different economic indicators. These securities provide predictability and protection
against exchange rate and inflation rate fluctuations.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">6.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">TRADE ACCOUNTS RECEIVABLE</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 59%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 1%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-style: normal; border-bottom: #0070C0 1pt solid; font-weight: normal; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: rgb(0,32,96)"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable &ndash; domestic</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">225,362&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">332,221&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,052,649&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4,111,676&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in; font-family: Aptos,sans-serif">Third
parties</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">158,864&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">293,849&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,050,539&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4,103,988&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Related
parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">66,498&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">38,372&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,110&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">7,688&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade
    accounts receivable &ndash; foreign</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">8,927,853&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,145,630&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4,145,785&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,107,867&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">98,895&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,461&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,145,785&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,107,867&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">8,828,958&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,135,169&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,153,215&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,477,851&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,198,434&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">7,219,543&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Amounts not yet due</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,122,711&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,389,911&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,758,085&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5,926,885&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Amounts overdue:</FONT></TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">From 1 to 30 days</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">29,751&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">50,855&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,206,429&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,076,415&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">From 31 to 60 days</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">428&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">17,397&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">169,517&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">116,998&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">From 61 to 90 days</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">325&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">19,688&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">84,528&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">114,596&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">More than 90 days</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">44,060&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">22,076&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">829,723&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">644,726&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Present value adjustment</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(39,291)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(29,284)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Estimated losses on doubtful accounts</FONT></TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(44,060)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(22,076)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(810,557)</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(630,793)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,153,215&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,477,851&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,198,434&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,219,543&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,153,215&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,477,851&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,175,814&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">7,213,646&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">22,620&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">5,897&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP> &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable with related parties are detailed in Note 36 &ndash;
Related-party transactions.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 34; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Changes in estimated losses on doubtful accounts are as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at December 31, 2023</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(22,076)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(630,793)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimate accrued, net</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(581)</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>(47,068)</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Write-offs</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>-&nbsp;&nbsp;</B>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>22,672</B>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>-&nbsp;&nbsp;</B>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>(133,894)</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Reclassification to assets held for sale</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(21,403)</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>(21,474)</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at December 31, 2024</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 3pt; text-align: right; white-space: nowrap; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(44,060)</B></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(810,557)</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In June 2014, a receivables backed investment (<I>Fundo de Investimento
de Direitos Credit&oacute;rios - FIDC</I>) was created to sell a portion of the receivables from the installment sale in the domestic
market, in the amount of R$ 150,000 (principal). Invoices negotiated with the fund MRFG amounted to R$ 106,196 in 2024 (R$ 134,343 in
2023).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company, through its subsidiary BRF, conducts credit assignments
with no right of recourse with Fundo de Investimento em Direitos Credit&oacute;rios Clientes BRF (&ldquo;FIDC BRF II&rdquo;), which exclusively
operates in acquiring credit rights arising from commercial transactions carried out with customers in Brazil.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In 2024, FIDC BRF II had as outstanding balance of R$ 959,434 (R$
1,072,964 in 2023) related to such credit rights, which were derecognized from the Company&rsquo;s balance sheet at the time of assignment.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In 2024, subsidiary BRF has insurance, letters of credit and other
guarantees referring to sales in installments in foreign markets, in the amount of R$ 1,441,599 (R$ 1,003,891 in 2023).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">7.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">INVENTORIES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Inventories of finished products were carried at average purchase
and/or production cost, as explained below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 59%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,32,96)">12/31/2024</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Finished products </FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">541,100</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">469,238</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">6,808,523</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">6,082,922&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Work in progress</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">545,729</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">482,182&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Raw materials</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">29,654</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">12,953</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,325,265</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,235,710&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Packaging and storeroom supplies</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">98,822</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">58,060</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,954,807</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,515,916&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Present value adjustment <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(115,546)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(129,848)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Estimated losses</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,424)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(14,886)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(35,840)</TD>
    <TD STYLE="padding-right: 0pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(73,764)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; border-bottom: #0070C0 2.25pt double; font-weight: bold; white-space: nowrap; vertical-align: bottom; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">664,152</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">525,365</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,482,938</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,113,118</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP>&nbsp;&nbsp;Refers to the balancing entry of initial recording of the
adjustment to present value of trade accounts payable of subsidiary BRF, which is allocated to costs according to the inventory turnover.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company grounds its estimates on historical losses and assessment
of subsequent realization (market), as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: #0070C0 1.5pt solid; white-space: nowrap; width: 79%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; width: 10%; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,160,0)">Parent</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 1%; background-color: white; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; padding-left: 0.125in; font-family: Aptos,sans-serif">(14,886)</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(73,764)</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimate accrued, net</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,466</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">38,605</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(601)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Reclassification to assets held for sale</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(4)</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(80)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at December 31, 2024</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,424)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(35,840)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s Management assessed the estimated net realizable
value for inventories, and concluded that the recognized amount is sufficient.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 35; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">8.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif">BIOLOGICAL ASSETS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Biological assets comprise, cattle, poultry, pigs and forests,
as detailed below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - cattle</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">81,788</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">54,519</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - poultry</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,110,101</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,020,224</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - pigs</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,734,532</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,681,941</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(242,242,242) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Biological assets - current</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 3pt; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,926,421</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,756,684</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - poultry</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">677,210</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">668,606</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - pigs</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">639,689</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">646,613</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - forestry</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">470,338</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">543,097</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Biological assets - non-current</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,787,237</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,858,316</TD></TR>
  <TR STYLE="font-size: 5pt">
    <TD STYLE="font-size: 5pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: bold 5pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 5pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,713,658</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,615,000</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt">8.1. Changes in biological assets
(current)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cattle</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Poultry</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Pigs</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal">Balance
    at December 31, 2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">54,519</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,020,224&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,681,941</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,756,684&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Increase due to acquisitions </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">114,104</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,587,078</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,988,685</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">25,689,867</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Animal feeding expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">68,819</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">68,819</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Decrease due to sales</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(15,374)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(15,374)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net decrease due to deaths</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(541)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(541)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Changes in fair value less costs to sell</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,060</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,100,412</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">357,017</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,465,489</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,953</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,042</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">12,995</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Transfers to inventories</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(152,752)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(18,605,655)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(10,293,111)</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(29,051,518)</TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal">Balance
    at December 31, 2024</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">81,788&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,110,101&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,734,532&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,926,421</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt">8.2. Changes in biological assets
(non-current)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Poultry</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Pigs</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Forestry</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal">Balance
    at December 31, 2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">668,606</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">646,613</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">543,097</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,858,316</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Increase due to acquisitions </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">160,357</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">542,441</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">84,140</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">786,938</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Decrease due to sales</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(11,130)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(11,130)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Changes in fair value less costs to sell</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">822,201</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(154,451)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">667,750</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Gain or loss on fair value adjustment</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(78,578)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(78,578)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Depreciation/ depletion</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,054,421)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(394,914)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(69,060)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(1,518,395)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Reclassification <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,869</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,869</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">80,467</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">80,467</TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal">Balance
    at December 31, 2024</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">677,210</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">639,689</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">470,338</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,787,237</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)&nbsp;&nbsp;&nbsp;&nbsp; </SUP> Amounts reclassified from right-of-use assets.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF has forestry areas pledged as collateral for financing,
tax and civil contingencies, in the amount of R$ 70,025 in 2024 (R$ 71,399 in 2023).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 36; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 8.3. Sensitivity analysis table</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The fair value of poultry, pigs and forests is determined using
unobservable data, therefore, they are classified in the Level 3 fair value category. The main assumptions used in the calculation of
fair value and their impact on measurement are presented below.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="color: rgb(0,31,96); background-color: #F2F2F2">
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets
    </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Valuation
    technique</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Significant
    unobservable inputs</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>The
    estimated fair value could change if:</B></FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96); background-color: #F2F2F2">
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Increase
    </B></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Decrease
    </B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forests</FONT></TD>
    <TD ROWSPAN="4" STYLE="white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenue
    approach</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estimated
    prices for standing timber</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Timber
    price if it is higher</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Timber
    price if it is lower</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estimated
    productivity per hectare</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield
    per hectare if it is higher</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield
    per hectare if it is lower</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Harvest
    and transportation cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lower
    harvest cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Harvest
    cost if it is higher</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Discount
    rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lower
    discount rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Discount
    rate if it is higher</FONT></TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(232,232,232) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Live
    animals</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost
    approach</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Feed
    input prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Feed
    cost if it is higher</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Feed
    cost if it is lower</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accommodation
    cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accommodation
    cost if it is higher</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E8E8E8 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E8E8E8 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accommodation
    cost if it is lower</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.125in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Integrated
    costs</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Integrated
    cost if it is higher</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Integrated
    cost if it is lower</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The prices used in the evaluation refer to those practiced in the
regions where the Company is located and were obtained through market research. The discount rate corresponds to the average cost of capital
and other economic assumptions for a market participant.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The weighted average price used in the valuation of the biological
asset (forests) in 2024 was equivalent to R$ 85.12 per sterile meter (R$ 76.22 per sterile meter in 2023). The actual discount rate used
in the valuation of biological assets (forests) in 2024 was 9.2% (8.1% in 2023).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">9.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">RECOVERABLE TAXES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #0070C0 1pt solid; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #0070C0 1pt solid; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ICMS and IVA (State VAT)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">388,487</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">473,171</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,914,034</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,604,642</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPI (Excise Tax)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,622</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,005</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,182,006</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,095,890</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">INSS (National Social Security Institute)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">422,163</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">485,096</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">PIS and COFINS (taxes on sales) credits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,209,820</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,687,034</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4,370,281</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4,257,325</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IRRF, IRPJ and CSLL (taxes on income) recoverable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,877,914</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,252,806</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">4,702,802</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,787,516</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">15,646</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">10,075</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">203,938</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">166,698</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Estimated impairment</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(229,525)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(199,525)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(418,401)</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(386,963)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">6,265,964</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,224,566</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">13,376,823</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">12,010,204</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: bold 3pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: bold 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">756,930</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,220,697</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,235,325</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,920,641</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">5,509,034</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,003,869</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">10,141,498</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">9,089,563</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.1. ICMS and IVA (State VAT)</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The credit balance of recoverable ICMS derives from credits taken
for ICMS paid on the acquisition of raw, packaging and other materials and inputs, in amounts higher than the debts generated from its
sales, since the Company&rsquo;s main credit generating operations are sales to the foreign market, and they are exempt from this tax.
The Company has been seeking ways to optimize these balances, when authorized by the State tax authorities, through the sales of ICMS
to third parties or for the payment of suppliers of inputs and property, plant and equipment.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On June 20 and October 16, 2024, an agreement was entered into
between the Parent and its subsidiary BRF S.A. for the acquisition of R$ 113,000 and R$ 350,000 in ICMS credits, respectively, determined
in the State of S&atilde;o Paulo and owned by the Parent, considering a discount compatible with the market.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Up to December 31, 2024, R$ 256,000 had been transferred and subsidiary
BRF offset R$ 178,076 related to these credits. The credits will be used according to the Company&rsquo;s monthly calculation in the state,
with full offset expected up to April 2025.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In several other jurisdictions outside Brazil, VAT is levied on
the Company&rsquo;s ordinary operations with goods and services with expected realization in the short and long terms.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.2. IPI</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company recorded tax assets arising from successful outcomes
in lawsuits, particularly the premium credit.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.3. INSS</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">INSS recoverable refers to differences in social security contributions
discussed in court on paid maternity leave, work accident risk, vacation bonus, labor agreements, paid sick leave, and notice of termination.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin: 0; text-align: justify; text-indent: 0in; color: #1374FB">9.4. PIS and COFINS
taxes</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Pursuant to Laws 10,637/02, 10,833/03, 10,865/04, 10,925/04, 11,033/04,
12,058/09 and 12,350/10, the Company has noncumulative PIS and COFINS credits on the acquisition of raw, packaging and other materials
used in goods sold in domestic and foreign markets.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The realization of these balances usually occurs through offsetting
against the balance payable in sales of taxed products in the domestic market, against other federal taxes, and with the changes provided
for by Law 13,670, in August 2018, which permitted the offsetting of social security liabilities using other credits from the taxpayer.
As from said date, the Company started settling its social security liabilities using such credits.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.5. IRRF, IRPJ and CSLL recoverable</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Refers to withholding of income tax at source on services, financial
investments, prior-year negative balances of income and social contribution taxes and income tax paid abroad on net income made available
in Brazil. Income tax paid abroad is payable via the offsetting of income and social contribution taxes calculated on profit for future
years and have no time limit.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.6. Estimated impairment of taxes</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Estimated losses were calculated based on Management&rsquo;s best
judgment of the realization of the Company&rsquo;s recoverable taxes balances, mainly on PIS and COFINS credits.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In 2024, the changes in this item were as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 79%; border-top: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; width: 10%; border-bottom: #0070C0 1pt solid; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance
    at December 31, 2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(199,525)</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(386,963)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net estimate <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(30,000)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(31,117)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Reclassification to assets held for sale</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(321)</TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance
    at December 31, 2024</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; text-align: right; white-space: nowrap; padding-left: 5.4pt; font-family: Aptos,sans-serif">(229,525)</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(418,401)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)<FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP>Based
on its assessment, the Company concluded that it was necessary to recognize impairment of PIS and COFINS taxes for the year ended in
2024, in an amount considered sufficient to cover any losses on realization of such tax credits.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">10.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">NOTES RECEIVABLE</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; width: 10%; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,32,96)">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-weight: bold; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,32,96)">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,539,815</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,727,233</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">26,601</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">31,932</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Sale of poultry farm <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">38,255</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">12,325</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Sale of farm</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">54,000</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Adjustment to present value</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,910)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(2,223)</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other notes receivable <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,084</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">707</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">9,141</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,866</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">3,540,899</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,727,940</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">68,087</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">98,900</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: bold 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: bold 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">650,180</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">554,995</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">59,452</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">96,770</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,890,719</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,172,945</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">8,635</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,130</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SUP>The amount presented in the Parent refers mostly to balances
resulting from loan transactions with its subsidiaries, as described in Note 36 &ndash; Related-party transactions.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP> The amount presented substantially refers to the
sale of poultry farms in Guatambu and Concordia.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP> The amount presented substantially refers to the
sale of a hatchery in Caxias do Sul.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">11.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">ADVANCES TO SUPPLIERS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">160,471</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">412,713</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">441,103</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">609,203</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,298,299</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">304,225</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,298,299</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">304,225</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,458,770</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">716,938</TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,739,402</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">913,428</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP> The balances of advances to suppliers with related parties are
detailed in Note 36 - Related-party transactions.</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial Black,sans-serif">12.</FONT> <FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On August 28, 2023, following its strategy of focusing on the production
of branded meat and products with higher value added, the Company decided to sell certain cattle and sheep slaughter units in Argentina,
Brazil, Chile and Uruguay, which are part of the Beef South America segment, to Minerva S.A.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The sale price of the Transaction&rsquo;s Assets was R$ 7,500,000, with
a down payment of R$ 1,500,000 received on August 28, 2023, and a remaining balance of R$ 6,000,000, which was subject to the CDI (Interbank
Deposit Rate).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On May 21, 2024, according to the Notice to the Market, the Company
received from Comission de Promoci&oacute;n y Defensa de La Competencia (CPDC) of Uruguay a resolution denying authorization for the sale
of the Transaction&rsquo;s Assets located in Uruguay, namely the cattle slaughter units in Col&ocirc;nia, Salto and San Jos&eacute;, for
which the attributed sales price, pursuant to the contract, is R$ 675,000. On October 30, 2024, pursuant to the Notice to the Market,
CPDC ratified its prior position. The decision is not definitive and an appeal was filed.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On August 9, 2024, according to the Material Fact disclosed, the
Company received from the Administrative Council for Economic Defense (CADE) the final opinion of the General Superintendency recommending
to the Administrative Court for Economic Defense (TADE) the approval of the transaction through the execution of a concentration control
agreement, determining the decrease of the material and geographic limits established in the expansion restriction clause of the agreement,
which did not change the other terms and conditions of the agreement and of the transaction.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On September 25, 2024, pursuant to the Material Fact disclosed,
the Company received from CADE, in a judgment session held on that date, the approval of the aforementioned concentration act related
to the transaction. Such decision and the other public documents related to the concentration act are available on CADE&rsquo;s website.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On October 8, 2024, according to the Notice to the Market
disclosed, the final decision on the Concentration Act No. 08700.006814/2023-77 and the fulfillment of the other conditions
precedent established in the Agreement were confirmed.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On October 28, 2024, pursuant to the Material Fact disclosed, the
closing of the transaction was implemented, except in relation to the Uruguay Assets. As a result, the Company received, on that date,
R$ 5,680,602, totaling a sales price of R$ 7,180,602 (considering R$ 1,500,000 received as down payment).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Pursuant to the Material Fact, the sales price could be post-closing
adjustments, which are shown below, together with the transaction results:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; width: 10%; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>12/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Sales price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>6,825,000 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Adjustment to sales price <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">340,684 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Expenses on legal advisors and external consultants</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,836)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>(=) Adjusted sales price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font: 10pt Aptos,sans-serif; padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>7,159,848
</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Net write-off of assets held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(4,333,025)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>(=) Income from operations before taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font: 10pt Aptos,sans-serif; padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,826,823 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Income and social contribution taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(952,965)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>(=) Transaction results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font: 10pt Aptos,sans-serif; padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,873,858 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)<FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP>The
adjustment to sales price mainly derives from exclusion of the net debt of the negotiated companies, working capital, estimated remuneration
and others, as provided for in the agreement.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On February 11, 2025, pursuant to the Material Fact disclosed,
Minerva S.A. submitted a new request to the CPDC, for approval of the acquisition of the &ldquo;Uruguay Operation&rdquo;. Considering
the latest opinion of CPDC regarding the original request, Minerva S.A. submitted an alternative proposal. The proposal submitted does
not entail any change to the conditions originally agreed in the asset sale and purchase agreement.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; color: #021F59"></P>

<!-- Field: Page; Sequence: 40; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The individual and consolidated assets and liabilities
held for sale in relation to the Uruguay assets, considering the elimination of balances between the group&rsquo;s companies, are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 2pt; width: 28%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 10%">Assets&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 2pt; width: 28%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; color: #002060; font-weight: bold; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 10%">Liabilities&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; padding-bottom: 1pt; color: #70AD47; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 1pt; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; padding-bottom: 1pt; color: #70AD47; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">Parent&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 1pt; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">     121,083</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Trade accounts payable - third parties</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(231,230,230) 1pt solid; font-weight: bold; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(231,230,230) 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(231,230,230) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">    317,830</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">        387</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Accrued payroll and related charges</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     55,486</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable - third parties</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      12,938</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Taxes payable</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     23,084</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Inventories</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     150,551</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans and financing</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    197,010</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Recoverable taxes</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      13,526</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Advances from customers - third parties</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       161</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Advances to suppliers</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      1,607</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Lease payable</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">        17</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other receivables</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      2,486</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other payables</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     9,176</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">     302,578</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    602,764</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: gray; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: gray; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">      31,385</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Deferred income and social contribution taxes</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">     2,180</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans and financing</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    162,400</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">      31,385</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    164,580</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Investments</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">    999,649</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">         -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Property, plant and equipment</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     422,108</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Right-of-use assets</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">        226</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Intangible assets</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     665,761</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">    999,649</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">   1,088,095</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">    999,649</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">   1,119,480</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; text-align: left">TOTAL ASSETS HELD FOR SALE</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">    999,649</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">   1,422,058</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; text-align: left">TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">    767,344</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The results of discontinued operations for the years
2024 and 2023 are presented below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 1pt; padding-bottom: 1pt; color: #70AD47; font-weight: bold; text-align: right; width: 56%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 1pt; color: #00A000; font-weight: bold; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 1pt; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; width: 10%">Parent&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #70AD47; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 1pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 1pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 11%">Consolidated&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right">YTD&nbsp;</TD>
    <TD STYLE="color: #021F59; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; text-align: right">YTD&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right; background-color: #F2F2F2">YTD&nbsp;</TD>
    <TD STYLE="color: #021F59; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; text-align: right; background-color: #F2F2F2">YTD&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; color: #70AD47; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right">2024&nbsp;</TD>
    <TD STYLE="color: #021F59; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; text-align: right">2023&nbsp;</TD>
    <TD STYLE="color: #021F59; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right; background-color: #F2F2F2">2024&nbsp;</TD>
    <TD STYLE="color: #021F59; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; text-align: right; background-color: #F2F2F2">2023&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-left: 1pt; color: #1374FB; font-weight: bold; vertical-align: bottom">NET SALES REVENUE</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right">  3,716,452</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; text-align: right">  5,781,184</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">  2,320,817</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">   4,266,894</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Cost of products and goods sold</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-weight: bold; text-align: right">  (3,047,280)</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">  (4,877,741)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">  (1,627,683)</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">   (3,109,327)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 1pt; color: #1374FB; font-weight: bold; vertical-align: bottom">GROSS PROFIT</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: middle; text-align: right">    669,172</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right">    903,443</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">    693,134</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">   1,157,567&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(231,230,230) 1pt solid; font-size: 3pt; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Operating income (expenses)&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  2,182,854</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   (541,985)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  2,183,408</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    (756,568)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Net financial result</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">  (1,118,368)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   (501,906)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">  (1,109,720)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    (519,090)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 1pt; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt">Profit (loss) before taxes</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right">  1,733,658</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">   (140,448)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">  1,766,822</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; background-color: #F2F2F2">    (118,091)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 1pt; color: #1374FB; font-weight: bold; vertical-align: bottom">INCOME AND SOCIAL CONTRIBUTION TAXES</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right">   (648,892)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right">    (28,942)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">   (682,373)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">     (51,526)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; font-weight: bold">Net income (loss) for the year from discontinued operations</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right">  1,084,766</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">   (169,390)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">  1,084,449</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; background-color: #F2F2F2">    (169,617)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Controlling interest - discontinued operation</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">  1,084,766</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">   (169,390)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">  1,084,766</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">    (169,390)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Non-controlling interest - discontinued operation</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -&nbsp;&nbsp;&nbsp;&nbsp;  </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      (317)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       (227)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right">  1,084,766</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right">   (169,390)</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">  1,084,449</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">    (169,617)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 41; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 6pt; text-align: justify">The discontinued cash flow for 2024 and 2023 is presented
below:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 9pt Trebuchet MS, Times, Serif; vertical-align: middle; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 9pt Trebuchet MS, Times, Serif; vertical-align: middle; width: 10%">&nbsp;</TD>
    <TD STYLE="font: 9pt Trebuchet MS, Times, Serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 9pt Trebuchet MS, Times, Serif; vertical-align: middle; width: 11%">&nbsp;</TD>
    <TD STYLE="font: 9pt Trebuchet MS, Times, Serif; padding-right: 5.4pt; vertical-align: middle; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; color: #021F59; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; text-align: right">Reclassified&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; color: #021F59; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; text-align: right; background-color: #F2F2F2">Reclassified&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right">YTD&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; text-align: right">YTD&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right; background-color: #F2F2F2">YTD&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; color: #021F59; text-align: right; background-color: #F2F2F2">YTD&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right">2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; text-align: right">2023&nbsp;</TD>
    <TD STYLE="color: #021F59; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; text-align: right; background-color: #F2F2F2">2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #021F59; text-align: right; background-color: #F2F2F2">2023&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: bottom">Parent&rsquo;s profit (loss) for the year - discontinued</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right">   1,084,766</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right">   (169,390)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">   1,084,766</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">   (169,390)</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; color: #1374FB; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid">Non-cash items</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">   (1,406,759)</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">    593,999</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">   (1,436,338)</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">    772,237</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Equity changes</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   (1,351,946)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    482,924</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (211,130)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   (515,379)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Cash flow used in operating activities</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   (1,673,939)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    907,533</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (562,702)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     87,468</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Cash flow provided by (used) in investing activities</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   5,436,974</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   (151,096)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   5,621,260</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   (204,884)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Cash flow used in financing activities</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (70,087)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   (579,910)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (160,050)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   (612,126)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Exchange variation on cash and equivalents - discontinued operation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          4</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       -&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      15,302</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     4,424</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: bottom">Cash flow for the year</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: middle; text-align: right">   3,692,952</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; vertical-align: middle; text-align: right">    176,527</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">   4,913,810</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">   (725,118)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; font-size: 3pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">(-) Cash and cash equivalents</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       (282)</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       282</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      27,481</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     93,602</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; font-weight: bold; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #1374FB; font-weight: bold; vertical-align: bottom">Discontinued operations net of cash</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: middle; text-align: right">   3,693,234</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; vertical-align: middle; text-align: right">    176,245</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; vertical-align: middle; border-bottom: #0070C0 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">   4,886,329</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">   (818,720)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.
<FONT STYLE="text-transform: none">DEFERRED INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">Parent&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2023&nbsp;</TD>
    <TD STYLE="color: #002060; vertical-align: bottom; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2023&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Income tax</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">   1,106,513</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">    3,443,414</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">  1,986,994</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Social contribution tax</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     399,341</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    1,033,541</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    599,771</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">Deferred tax assets</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; text-align: right">   1,505,854</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    4,476,955</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2">  2,586,765</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Income tax</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    (14,981)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (6,489,730)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">  (7,076,326)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Social contribution tax</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (1,476)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (2,266,217)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">  (2,477,186)</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">Deferred tax liabilities</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; text-align: right">         -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">    (16,457)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    (8,755,947)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">  (9,553,512)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">Total deferred taxes</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">   1,505,854</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; padding-right: 3pt; vertical-align: bottom; text-align: right">    (16,457)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    (4,278,992)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">  (6,966,747)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table presents the breakdown of deferred
taxes:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2023&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2023&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Income tax losses</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   2,543,291</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    519,713</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">   5,406,582</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   3,362,459</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Social contribution tax loss carryforwards</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    916,580</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    187,677</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   1,845,843</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   1,132,825</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Temporary differences - assets</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    191,399</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     95,545</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   2,008,544</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">   1,463,934</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Temporary differences - liabilities</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">   (2,145,416)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    (819,392)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">  (13,539,961)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">  (12,925,965)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">Deferred taxes, net</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">   1,505,854</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1.5pt double; vertical-align: bottom; text-align: right">     (16,457)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">   (4,278,992)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1.5pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">   (6,966,747)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 42; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: rgb(0,32,96) 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Considering the Company&rsquo;s estimates, the table
below presents the realization of &ldquo;Deferred Tax Assets&rdquo;, based on a technical feasibility study and according to the projections,
limited to a 10-year term:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #70AD47; font-weight: bold; text-align: right; width: 77%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; width: 11%">Parent&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 11%">Consolidated&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Year</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">2025</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        240,541</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; text-align: left">2026</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        311,216</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; text-align: left">2027</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">      36,484</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        346,480</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; text-align: left">2028</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     278,433</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        646,143</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1pt solid; text-align: left">2029</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     493,499</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        730,172</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">2030 to 2034</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     697,438</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      2,202,403</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">    1,505,854</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">      4,476,955</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.
<FONT STYLE="text-transform: none">INVESTMENTS</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; width: 50%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; width: 15%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; width: 12%">12/31/2023&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 11%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 11%">12/31/2023&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Interest in subsidiaries and associates</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">     22,955,323</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">  23,685,943</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Goodwill derived from business combinations</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       266,450</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    205,915</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Other investments</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        10,010</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     21,010</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    224,843</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    654,638</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2pt; font-size: 3pt; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">     23,231,783</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; vertical-align: bottom; text-align: right">  23,912,868</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    224,843</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1.5pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    654,638</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 43; Value: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: rgb(0,32,96) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 5pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">14.1.</FONT>
Direct investments by the parent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Information and changes on investments in subsidiaries in 2024 is shown
below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 25%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig&nbsp;<BR>
Chile S.A.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Frigor&iacute;fico&nbsp;<BR>
Tacuaremb&oacute;&nbsp;<BR>
S.A.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Masplen Ltd&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig&nbsp;<BR>
Overseas&nbsp;<BR>
Ltd.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig&nbsp;<BR>
Comercializadora&nbsp;<BR>
de Energia Ltda.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig&nbsp;<BR>
Holdings&nbsp;<BR>
(Europe) B.V&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig Beef&nbsp;<BR>
(UK)&nbsp;Limited&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig Beef&nbsp;<BR>
International&nbsp;<BR>
Ltd.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Abilun&nbsp;<BR>
S.A.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>MFG Holdings&nbsp;<BR>
SAU&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Quickfood S.A.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>Marfrig&nbsp;<BR>
Paraguay S.A </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #003366"><SUP>(c)</SUP></FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59">&nbsp;</FONT></B></TD>
    <TD STYLE="width: 5%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>BRF S.A.&nbsp;</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #021F59"><B>PlantPlus&nbsp;<BR>
Brasil&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares/Units of interest</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163,518,797</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,050</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">426,842</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,001</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,001</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300,000,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,071,700,036</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,682,473,246</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,921,047</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% interest</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99.50</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99.96</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.49</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.24</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total assets</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">419,800</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,061,172</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,813,273</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,669,852</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,861,597</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,078,982</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,402,707</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,540</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,751,336</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,789,156</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,611,283</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,993</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total liabilities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159,464</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">923,289</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,956</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,695,812</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,650,339</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,653,986</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,135,918</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,335,722</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61,271</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,518,845</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,264,891</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,962,031</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,865</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,915</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,588</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,859</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,885,086</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,543,322</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,205,544</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,800</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">498,430</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,349,156</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,921</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">260,336</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137,883</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(252,956)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117,461</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,513</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,207,611</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,943,064</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,066,985</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,269</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">232,491</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">524,265</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,649,252</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,128</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net income (loss)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,884</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,903</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(106,615)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(273,276)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,415)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,003</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">397,108</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(596,896)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,880</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(287,267)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(213,511)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,334,082</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,622)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font-size: 2pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at December 31, 2023</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>206,744</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>128,035</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(162,907)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(777,243)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,928</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,699,967</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,864,685</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,505,987</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,193</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,693</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25,091</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,153,841</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(65)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,685,943</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Write-off</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends and interest on equity</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(83,491)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(618,717)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(494,974)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(993,300)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(578,646)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,769,128)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REP <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,256</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,532</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(113,581)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(273,276)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,415)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,003</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">397,108</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(596,898)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,880</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(272,630)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,728)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">672,692</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,137</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REP <SUP>(a)</SUP> (discontinued operation)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(63,331)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14,584)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,620)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(79,535)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital increase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,455</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,930</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,385</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital reduction</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(215)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(215)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increase in equity interest</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,011</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,011</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital transactions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,391,707</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159,936</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(658,925)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">892,767</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,326</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,377</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(430)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(223,728)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,043,357</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">176,243</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151,193</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,197</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">294,243</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,747</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(486,625)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,062,960</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other (to be detailed)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at December 31, 2024 <SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>258,995</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>136,453</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(276,918)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>117,460</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>19,513</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,207,610</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,943,062</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,066,982</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,270</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>180,113</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>52,420</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,234,348</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,955,323</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Equity in earnings (losses) of subsidiaries.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Refers to the percentage of the Company&rsquo;s interest in its
subsidiaries, adjusted by profit on unrealized inventories upon the consolidation of balances.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">The Company discontinued the equity interest it held in Marfrig
Paraguay S.A.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">14.1.1. Investment
in subsidiaries reclassified to assets held for sale</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.25in; text-indent: -241.05pt; color: #1374FB">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of investments in subsidiaries of R$ 999,649,
reclassified to assets held for sale, includes goodwill derived from business combinations of subsidiaries Inaler S.A. (R$ 137,551), Prestcott
International S.A. (R$ 78,681) and Establecimientos Colonia S.A. (R$ 420,085), in Note 12 &#8211; Assets and liabilities held for sale,
these amounts are presented in the Parent under Investments, and in the Consolidated under Intangible assets and, in addition to these
amounts, changes are shown below:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-left: 2pt; color: #021F59; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,112,192) 1pt solid; text-align: right; width: 33%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; vertical-align: middle; text-align: right; width: 14%">Inaler S.A.&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; vertical-align: middle; text-align: right; width: 13%">Prestcott&nbsp;<BR>
 International&nbsp;<BR>
 S.A.&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; vertical-align: middle; text-align: right; width: 14%">Estab.&nbsp;<BR>
Colonia S.A.&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; color: #021F59; font-weight: bold; vertical-align: middle; text-align: right; width: 13%">Fortunceres&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #0070C0; border-top-width: 0.5pt">Shares/Units of interest</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"> 325,673,004</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"> 15,927,783</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"> 256,562,625</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">% interest</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     100.00</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     100.00</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     100.00</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Total assets</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     210,270</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    489,876</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    548,445</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Total liabilities</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     180,995</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    388,614</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    314,882</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Share capital</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     57,460</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     18,094</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    214,898</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Equity</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     29,275</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    101,262</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    233,563</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2pt">Net income (loss)</TD>
    <TD STYLE="padding-right: 3pt; text-align: right">     (58,108)</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">     1,721</TD>
    <TD STYLE="padding-right: 3pt; text-align: right">     (22,664)</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">         -</TD>
    <TD STYLE="padding-right: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold">Balance at December 31, 2023</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">     75,146</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">     93,774</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">    201,588</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">        10</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">    370,518</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid">Write-off</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">  (2,557,927)</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right">  (2,557,927)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Dividends</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    (21,473)</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    (21,473)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">REP </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     13,126</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     13,126</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">REP </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">(discontinued operation)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (58,061)</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     1,866</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (35,331)</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    (91,526)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Capital increase</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">  2,557,917</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">  2,557,917</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: bottom; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1.5pt">Other comprehensive income</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     12,202</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     27,062</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     53,433</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         -</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: middle; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     92,697</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Balance at December 31, 2024 </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.1pt; font-style: normal; font-weight: 700"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">     29,287</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">    101,229</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">    232,816</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">         -</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">    363,332</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Equity in earnings (losses) of subsidiaries.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Refers to the percentage of the Company&rsquo;s interest in its
subsidiaries, adjusted by profit on unrealized inventories upon the consolidation of balances.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">14.2.</FONT>
DIRECT INVESTMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below are the changes in direct investments in 2024:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.2.1.
BRF S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 28 and April 8, 2024, the Company started
to hold a total of 842,547,574 and 849,526,130 shares of subsidiary BRF, respectively, increasing its interest from 50.06% to 50.49%.
The shares are divided into common shares and American Depositary Receipts (&ldquo;ADR&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Related-party transactions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On January 19 and March 27, 2024, subsidiary BRF provided
guarantees with the objective of ensuring compliance with the main and accessory obligations assumed by Potengi Holdings S.A. within the
scope of its 1<SUP>st</SUP> and 2<SUP>nd</SUP> issues of, respectively, 300,000 and 2,100,000 simple, non-convertible debentures, in a
single series, with a term of 18 years. The nominal value is, respectively, R$ 1.00 and R$ 0.10 each, and BRF provided a personal guarantee
for the amount corresponding to 24% of the issue amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On May 21, 2024, subsidiary BRF entered into a contract
for the strategic supply of products with Saudi Agricultural and Livestock Investment Company (&ldquo;SALIC&rdquo;). Under the contract,
SALIC can acquire 200 thousand tons of products per year whenever there is a food emergency state in the Kingdom of Saudi Arabia. The
price adopted for SALIC will be equivalent to an average of the market prices adopted by subsidiary BRF with other customers and the supply
obligation will only exist if subsidiary BRF has plants qualified to export to the Kingdom of Saudi Arabia with sufficient volume to also
meet the demand of its other customers in that country. As at December 31, 2024, no transaction linked to this contract was carried out.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 45; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Distribution of interest on equity to the shareholders
of subsidiary BRF </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 13, 2024, subsidiary BRF&rsquo;s Board of Directors
approved the distribution to shareholders of interest on equity in the total amount of R$ 995,221, based on the balance sheet of subsidiary
BRF as of October 31, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 5, 2024, the amount net of withholding
income tax of R$ 821,605 was paid, relating to interest on equity approved by BRF&rsquo;s Board of Directors on November 13, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 30, 2024, the amount net of withholding
income tax of R$ 173,616 was paid, related to the same modality approved by BRF&rsquo;s Board of Directors on December 4, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Acquisition of interest in Addoha Poultry Company</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On October 31, 2024, subsidiary BRF S.A. informed its
shareholders and the general public that BRF Arabia Holding Company (&ldquo;BRF Arabia&rdquo;), a joint venture of which a 70% interest
is held by subsidiary BRF and 30% by Halal Products Development Company (&ldquo;HPDC&rdquo;), in turn, a wholly-owned subsidiary of the
Public Investment Fund (&ldquo;PIF&rdquo;) of Saudi Arabia, signed a binding contract to acquire 26% of Addoha Poultry Company (&ldquo;Addoha&rdquo;),
a company operating in poultry slaughtering in Saudi Arabia.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The transaction totals SAR 316,200 million (R$ 511,105),
of which SAR 216,200 (R$ 349,466) will be paid up in Addoha. On January 14, 2025, a shareholders&rsquo; agreement was signed between subsidiary
BRF Arabia and the current shareholders of Addoha, ensuring effective participation in the company&rsquo;s management and allowing the
know-how of subsidiary BRF and HPDC to contribute to maximize synergies between the entities. On the same date, subsidiary BRF completed
the acquisition, and Addoha is now an associate of subsidiary BRF, which will have its investment accounted for using the equity method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Acquisition of a processed products plant in the
province of Henan in China</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 20, 2024, BRF GmbH, a wholly-owned subsidiary
of subsidiary BRF, entered into a binding agreement with Henan Best Foods Co. Ltd., a subsidiary of the OSI Group, a North American food
processing company, to acquire a processing plant in the province of Henan in China.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The transaction totals U$ 42,700, equivalent to R$
246,563. The plant has two food processing lines, with capacity for 28 thousand tons/year and possibility of expansion for two additional
lines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The closing of this transaction is subject to compliance
with the conditions precedent applicable to transactions of this type, including the approval by regulatory authorities, and the corporate
reorganization of the plant assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Gelprime term of agreement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 17, 2024, an agreement was signed between
MBR Investimentos Ltda. (&ldquo;MBR&rdquo;), a wholly-owned subsidiary of BRF, and the companies Viposa Participa&ccedil;&otilde;es Ltda.,
Ind&uacute;stria e Com&eacute;rcio de Couros Britali Ltda. and Vanz Holdings Ltda. which currently hold 100% of the capital of Gelprime
Ind&uacute;stria e Com&eacute;rcio de Produtos Aliment&iacute;cios Ltda. (&ldquo;Gelprime&rdquo;), a company that produces, sells and
distributes gelatine and collagen by processing raw materials of animal origin.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The agreement establishes the main conditions for the
acquisition, by MBR, of a 50% interest in the capital of Gelprime (&ldquo;Acquisition&rdquo;) for R$ 312,500, subject to any adjustments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The completion of the transaction is subject to negotiation
and signing of definitive documents, as well as approval by the Brazilian competition authorities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.2.2.
BIOMAS PROJECT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On April 23, 2024, a capital contribution of R$ 30,000
to Biomas &#8211; Servi&ccedil;os Ambientais, Restaura&ccedil;&atilde;o e Carbono S.A. (&ldquo;Biomas&rdquo;) was approved, and the Company
contributed R$ 5,000 under the terms of the respective investment agreements, in view of the fulfillment of all conditions precedent and
performance of the closing acts provided for in the respective agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 46; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.2.3.
MFG HOLDING SAU</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On July 23, 2024, a contribution of ARS 5,200,000 (R$
31) to MFG Holding SAU was approved, referring to the capital increase from ARS 49,800,000 (R$ 299) to ARS 55,000,000 (R$ 336). The premium
on the issue of shares was increased by ARS 9,973,988,912 (R$ 60,241). The capital increase was entirely paid by the parent Marfrig Global
Foods S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 21, 2024, a contribution of ARS 45,000,000
(R$ 262) to MFG Holding SAU was approved, referring to the capital increase from ARS 55,000,000 (R$ 336) to ARS 100,000,000 (R$ 559).
The premium on the issue of shares was increased by ARS 8,432,990,580 (R$ 48,974). The capital increase was entirely paid by the parent
Marfrig Global Foods S.A.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 8, 2024, a contribution of ARS 200,000,000
(R$ 1,162) to MFG Holding SAU was approved, referring to the capital increase from ARS 100,000,000 (R$ 559) to ARS 300,000,000 (R$ 1,800).
The capital increase was entirely paid by the parent Marfrig Global Foods S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.2.4.
QUICKFOODS S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On July 23, 2024, a capital increase in QuickFood S.A.
in the amount of ARS 11,088,000,000 (R$ 66,968) was approved, from ARS 19,632,233,964 (R$ 117,793) to ARS 30,720,233,964 (R$ 187,393).
The amounts were contributed by the shareholders as follows: ARS 9,979,188,912 (R$ 60,272) contributed by MFG Holding SAU and ARS 1,108,678,032
(R$ 6,696) contributed by Marfrig Global Foods S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 21, 2024, a capital increase in QuickFood
S.A. in the amount of ARS 9,420,000,900 (R$ 54,706) was approved, from ARS 30,720,233,964 (R$ 187,393) to ARS 40,140,233,964 (R$ 236,827).
The amounts were contributed by the shareholders as follows: ARS 8,477,990,580 (R$ 49,236) contributed by MFG Holding SAU and ARS 941,896,390
(R$ 5,470) contributed by Marfrig Global Foods S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 7, 2024, a capital increase in QuickFood
S.A. was approved in the amount of ARS 9,920,000,000 (R$&nbsp;59,520). The capital was increased to ARS 83,071,700,036 (R$ 498,430). The
amounts were contributed by the shareholders as follows: ARS 992,009,920 (R$ 5,764) contributed by Marfrig Global Foods S.A and ARS 8,927,990,080
(R$ 53,756) contributed by MFG Holding SAU.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.2.5.
MARFRIG OVERSEAS LIMITED</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 12, 2024, the Company decided to make a
capital contribution of US$ 230,000 (R$ 1,391,707) to Marfrig Overseas Limited. The increase was not made through the issuance of additional
shares or by means of a donation or loan, but rather originated from distributable reserves (capital reserve), and should be treated as
if it constituted profits or share premium to the bylaws of the subsidiary</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.2.6.
MARFRIG COMERCIALIZADORA DE ENERGIA LTDA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 13, 2024, the Company decided to increase
the capital of Marfrig Comercializadora de Energia Ltda. from R$ 30,000 to R$ 40,000, a total increase of R$ 10,000, through the issue
of 10,000,000 million shares, with par value of R$ 1.00 each, fully subscribed and paid-in by the Company on that date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">14.3.</FONT>
INDIRECT INVESTMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below are the changes in indirect investments in the
year ended December 31, 2024:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.3.1.
PLANTPLUS FOODS LLC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the second quarter of 2024, a capital increase in
PlantPlus Food, LLC was approved in the amount of US$ 7.1 million, to which subsidiary NBM US Holdings Inc. contributed US$ 5.0 million,
equivalent to 70% of the approved capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the third quarter of 2024, a capital increase in
PlantPlus Food, LLC was approved in the amount of US$ 520 thousand, to which subsidiary NBM US Holdings Inc. contributed US$ 364 thousand,
equivalent to 70% of the approved capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 47; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Change in control of PlantPlus Foods, LLC.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 7, 2024, the Company and Archer-Daniels-Midland
Company (&ldquo;ADM&rdquo;), which provided ingredients and technical know-how for the development of plant-based products, mutually agreed
to terminate the partnership in which a 30% interest was held by ADM. The Company maintained its 70% interest.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The transfer of the PlantPlus Foods, LLC units to subsidiary
BRF, equivalent to a 30% equity interest, occurred on January 23, 2025, after approval without reservations by CADE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">14.3.2.
PLANTPLUS FOODS BRASIL LTDA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On March 22, 2024, a capital increase in PlantPlus
Foods Brasil Ltda. in the amount of R$ 4,979 was approved, from R$ 9,834 to R$ 14,814. The contribution was made by the shareholder PlantPlus
Foods, LCC through the issue of 4,979,000 million shares, with a par value of R$ 1.00 each, fully subscribed by the shareholder. The other
shareholders waived their subscription rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 23, 2024, a capital increase in PlantPlus
Foods Brasil Ltda. in the amount of R$ 14,313 was approved, from R$ 14,814 to R$ 29,126. The contribution was made by the shareholder
PlantPlus Foods, LLC through the issue of 14,313,000 million shares, with a par value of R$ 1.00 each, fully subscribed by the shareholder.
The other shareholders waived their subscription rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to the change in equity interest mentioned
in Note 14.3.1. - PLANTPLUS FOODS LLC., the 0.3% equity interest previously held by ADM is held by subsidiary BRF since February 14, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">14.4.</FONT>
JOINT VENTURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All joint ventures are accounted for using the equity
method and are not consolidated in accordance with NBC TG 18/R3 (CVM Resolution 118/22) - Investments in Associates and Joint Ventures.
The Company&rsquo;s interests in joint ventures are described below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company holds a direct interest of 0.7% in Plantplus Foods Brasil Ltda.,
headquartered in Brazil;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company, through its direct subsidiary BRF, holds a 24.0% interest in
Potengi Holdings S.A., headquartered in Brazil; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company, through its indirect subsidiary Beef Holdings Limited, holds
a 45.0% interest in COFCO Keystone Supply Chain Invest. Ltd, headquartered in Hong Kong; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Company, through its indirect subsidiary NBM US Holdings, Inc., holds
a 70.0% interest in Plantplus Foods LLC, headquartered in the United States of America.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.
<FONT STYLE="text-transform: none">INVESTMENT PROPERTY</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investment property refers to tanneries and industrial
plants that, under the Company&rsquo;s strategy, are held to generate lease income, whose amounts are recognized at fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Parent and Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 13%">Land&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 14%">Constructions&nbsp;<BR>
and buildings&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 13%">Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Tannery in Promiss&atilde;o</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     4,233</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">      3,202</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     7,435</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Tannery in Bataguass&uacute;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     44,166</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     44,166</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Plant in Cap&atilde;o do Le&atilde;o</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     3,522</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     44,322</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     47,844</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Plant in Mato Leit&atilde;o</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     2,355</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     14,994</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     17,349</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle">Net balance at 12/31/2024</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">     10,110</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">     106,684</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    116,794</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 48; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in investment properties:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Parent and Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; color: #70AD47; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 61%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 13%">12/31/2023&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 13%">Change in&nbsp;<BR>
 fair value&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 13%">12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Tannery in Promiss&atilde;o</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     7,382</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">        53</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     7,435</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Tannery in Bataguass&uacute;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     42,868</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     1,298</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     44,166</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Plant in Cap&atilde;o do Le&atilde;o</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     47,854</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       (10)</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     47,844</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Plant in Mato Leit&atilde;o</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     17,061</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">       288</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     17,349</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle">Net balance</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    115,165</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">     1,629</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">    116,794</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.
<FONT STYLE="text-transform: none">PROPERTY, PLANT AND EQUIPMENT</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables show the weighted average annual
depreciation rate determined using the straight-line method and based on the economic useful life of the assets and their balances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in property, plant and equipment:&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right">Property, plant and equipment&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: #002060; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: left; width: 31%">Description</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 13%">Land,&nbsp;<BR>
constructions&nbsp;<BR>
and buildings&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 18%">Machinery,&nbsp;<BR>
 equipment, furniture&nbsp;<BR>
 and fixtures&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 13%">Construction&nbsp;<BR>
 in progress&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 13%">Other&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 11%">Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid">Average annual depreciation rates</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right">3.48%</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right">14.32%</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right">18.93%</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Acquisition cost</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">  1,695,534</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">              555,006</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        104,385</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         75,398</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">    2,430,323</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       (275,638)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">              (220,028)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        (52,136)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (547,802)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">Net balance at 12/31/2023</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">      1,419,896</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">              334,978</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        104,385</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">         23,262</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">    1,882,521</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1.5pt solid; padding-left: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Additions</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">              112,819</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        209,531</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         91,177</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">      413,527</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Write-offs</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">                 (600)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         (1,318)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 0pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       (1,918)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Transfers</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         27,008</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">                  -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        (27,008)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          -&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Reclassification </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.7pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            (4)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">                  -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         (2,652)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       (2,656)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Transfer from discontinued operation to continuing operation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">         56,288</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">                2,216</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          4,072</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">          1,671</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">      64,247</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Depreciation in the year</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        (65,296)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">               (54,323)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        (18,542)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (138,161)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle">Net balance at 12/31/2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">      1,437,892</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">              395,090</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        288,328</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">         96,250</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">    2,217,560</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; padding-left: 2pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Acquisition cost</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">      1,782,790</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">              669,691</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">        288,328</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">        166,753</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">    2,907,562</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">       (344,898)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">              (274,601)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">            -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        (70,503)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">     (690,002)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">Closing balance</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">      1,437,892</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">              395,090</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        288,328</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">         96,250</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">    2,217,560</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Amounts reclassified to intangible assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 49; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; background-color: #F2F2F2">Property, plant and equipment</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: #002060; font-weight: bold; border-bottom: #0070C0 1.5pt solid; text-align: left; width: 33%">Description</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 13%">Land,&nbsp;<BR>
 constructions&nbsp;<BR>
 and buildings&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 20%">Machinery,&nbsp;<BR>
 equipment, furniture&nbsp;<BR>
 and fixtures&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 11%">Construction&nbsp;<BR>
 in progress&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 10%">Other&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 13%">Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid">Average annual depreciation rates</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">3.19%</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">10.19%</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">           -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">10.94%</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Acquisition cost</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       24,102,814</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">               30,751,636</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     2,111,757</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     693,381</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      57,659,588</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       (5,205,361)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">              (11,489,194)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">           -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (318,329)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      (17,012,884)</TD></TR>
  <TR STYLE="font-size: 4pt; vertical-align: middle">
    <TD STYLE="font-size: 4pt; padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-weight: bold; text-align: left">Net balance at 12/31/2023</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">       18,897,453</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">               19,262,442</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">     2,111,757</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">     375,052</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">      40,646,704</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Additions</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">           4,688</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">                 132,061</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     2,059,664</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     122,272</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       2,318,685</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Write-offs</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">         (195,170)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">                 (257,775)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        (1,674)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      (2,972)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        (457,591)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Transfers</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">         840,216</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">                1,524,506</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     (2,441,716)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      76,994</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">             -&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Reclassification </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.7pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">           4,722</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">                  (6,817)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        (3,263)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       (371)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">          (5,729)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Translation gains (losses)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">         908,746</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">                 846,705</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       363,106</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     129,680</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       2,248,237</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Transfer from discontinued operation to continuing operation</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">          56,288</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">                   2,216</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">         4,072</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       1,671</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">         64,247</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Depreciation in the year</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">         (745,864)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">               (2,733,533)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">           -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">     (89,043)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      (3,568,440)</TD></TR>
  <TR STYLE="font-size: 4pt; vertical-align: middle">
    <TD STYLE="font-size: 4pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-weight: bold">Net balance at 12/31/2024</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">       19,771,079</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">               18,769,805</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">     2,091,946</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">     613,283</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">      41,246,113</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Acquisition cost</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">       26,071,449</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">               33,998,845</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">     2,091,946</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">   1,101,435</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">      63,263,675</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">       (6,300,370)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">              (15,229,040)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">           -&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">    (488,152)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      (22,017,562)</TD></TR>
  <TR STYLE="font-size: 4pt; vertical-align: middle">
    <TD STYLE="font-size: 4pt; padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; font-weight: bold; text-align: left">Closing balance</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">       19,771,079</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">               18,769,805</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">     2,091,946</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">     613,283</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2">      41,246,113</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><SUP>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT></SUP>&nbsp;&nbsp;Amounts reclassified to intangible assets, to the cost of forest formation in biological assets and to the line items of
other current receivables and other non-current receivables, when they refer to sales of fixed assets to third parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has not identified indications of assets
recorded at an amount higher than the amount that could be recovered through their use or sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company recorded property, plant and equipment
that are fully depreciated and still in operation, as well as temporarily idle items, as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; width: 42%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 16%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; width: 16%; padding-bottom: 0pt">12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #002060; font-weight: bold; text-align: left">Description</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">Property, plant and equipment&nbsp;<BR>
 fully depreciated and still in&nbsp;<BR>
 operation&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Land, constructions and buildings</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">         1,034</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Machinery, equipment, furniture and fixtures</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        49,264</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Other</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">        46,627</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">        96,925</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: left; width: 58%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 4%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #002060; font-weight: bold; text-align: left">Description</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Temporarily idle property,&nbsp;<BR>
 plant and equipment&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Property, plant and equipment&nbsp;<BR>
 fully depreciated and still in&nbsp;<BR>
 operation&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">Land, constructions and buildings</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">        33,125</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right; background-color: #F2F2F2">       545,696</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Machinery, equipment, furniture and fixtures</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        63,234</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">      1,150,912</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Other</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">           84</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt; background-color: #F2F2F2">        48,129</TD></TR>
  <TR STYLE="font-size: 4pt; vertical-align: middle">
    <TD STYLE="font-size: 4pt; padding-left: 2pt; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">        96,443</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1.5pt double; text-align: right; background-color: #F2F2F2">      1,744,737</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 50; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0; color: #1374FB"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 21.25pt">17.</TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">RIGHT-OF-USE ASSETS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables show the weighted average annual
depreciation rate determined using the straight-line method and based on the economic useful life of the assets and their balances. With
the adoption of NBC TG 06/R3 (CVM Resolution 95/22), assets related to leases are now recognized as right-of-use assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in right-of-use assets:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Right-of-use assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding: 6pt 3pt; white-space: nowrap; width: 60%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding: 6pt 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Plants</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding: 6pt 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Aircraft</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding: 6pt 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding: 6pt 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Average annual depreciation rates</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>7.00%</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>20.00%</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>20.00%</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Acquisition cost</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">38,818&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,522&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,340&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(24,482)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,407)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(26,889)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-indent: 20pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Net balance at 12/31/2023</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>14,336</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,115&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,451&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-indent: 20pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">360,608&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">360,608&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Reclassification to assets held for sale</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(599)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(599)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Depreciation in the year</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,209)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,020)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(704)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(15,933)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Net balance at 12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,528&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>348,588&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>411&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>359,527&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Acquisition cost</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">35,671&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">360,608&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,522&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">399,801&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(25,143)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(12,020)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,111)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(40,274)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-indent: 20pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Closing balance</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,528&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>348,588&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>411&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>359,527&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding: 3pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Right-of-use assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; width: 50%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Plants</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 9.5pt; color: #002060"><B>Machinery and<BR>
 equipment</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 9.5pt; color: #002060"><B>Aircraft</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Other</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt; color: #002060"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Average annual depreciation rates</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>13.03%</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>14.44%</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>20.00%</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>38.77%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Acquisition cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">4,596,964&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,088,998&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">542,027&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">6,227,989</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(1,850,701)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(491,073)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(255,025)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(2,596,799)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-indent: 20pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Net balance at 12/31/2023</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,746,263&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>597,925</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>287,002&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,631,190</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-indent: 20pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">853,330&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">170,770&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">360,608</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">351,380&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,736,088</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Write-offs</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(52,284)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(91,705)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(267,280)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(411,269)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Reclassification </FONT><FONT STYLE="font-size: 9.5pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(1,864)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">490&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(1,374)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">43,095&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">103,519&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">74,722&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">221,336</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Reclassification to assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(599)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(599)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Depreciation in the year</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(702,431)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(187,945)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 0pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(12,020)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(223,614)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(1,126,010)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Net balance at 12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,885,510&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>592,564&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>348,588</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>222,700&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,049,362</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Acquisition cost</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">5,059,436&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,324,626&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">360,608</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">494,590&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">7,239,260</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(2,173,926)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(732,062)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(12,020)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(271,890)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(3,189,898)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-indent: 20pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Closing balance</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,885,510&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>592,564&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>348,588</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>222,700&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-top: 1pt; padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>4,049,362</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0in"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><SUP>(a)</SUP>&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: justify">Amounts reclassified to biological assets (non-current).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">18.</TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">INTANGIBLE ASSETS</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has intangible assets presented pursuant
to NBC TG 04/R4 (CVM Resolution 93/22) &ndash; Intangible assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 2pt 5pt 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 58%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #021F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; width: 1%; padding-left: 3pt"></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; padding-right: 2pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #021F59">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #021F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; padding-left: 3pt"></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #021F59">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,404,184</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,122,704</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Sales channels</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>149,270</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">165,527</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>149,271</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">165,528</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Software and licenses</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>33,159</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,929</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>277,799</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">280,527</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Trademarks and patents</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>49,710</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,844</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>12,559,944</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">12,320,867</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Customer relationship </FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,981,218</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,989,691</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Supplier relationship</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,715,075</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">2,629,942</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Non-compete agreements</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,552</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">7,243</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Other intangible assets</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>37,690</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">35,472</FONT></TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt"></TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 2pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"></TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>232,139</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap"></TD>
    <TD STYLE="padding: 1pt 2pt 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>233,300</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,127,733</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>18,551,974</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has not identified indications of assets
that remain recorded in the Company&rsquo;s books at an amount higher than the amount that could be recovered through their use or sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in intangible assets are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 33%; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; text-align: right; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Average<BR>
 amortization<BR>
 rate</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Balance at<BR>
 December 31,<BR>
 2023</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Reclassification </B></FONT><B><FONT STYLE="font-size: 11pt; color: #002060"><SUP>(a)</SUP></FONT></B></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Amortization</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Transfer from<BR>
 discontinued<BR>
 operation to<BR>
 continuing<BR>
 operation</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Balance at<BR>
 December 31,<BR>
 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Sales channels</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5.50%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">165,527</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(16,257)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">149,270</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Software and licenses</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">15.19%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">24,929</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,656</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,219)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11,793</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">33,159</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">Trademarks and patents</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1.16%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">42,844</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(2,821)</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9,687</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">49,710</FONT></TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>233,300</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,656</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>(25,297)</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,480</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt"><B>232,139</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><SUP>(a)</SUP>&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: justify">Amounts reclassified from property, plant and equipment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-top: 1pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; white-space: nowrap; width: 30%; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Average<BR>
    amortization<BR>
    rate</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Balance
    at<BR>
    December&nbsp;31,<BR>
    2023</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Acquisition</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; white-space: nowrap; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Write-off</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Translation<BR>
    gains (losses)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Reclassification&nbsp;<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Transfers</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Amortization</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; white-space: nowrap; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Transfer
    from<BR>
    discontinued<BR>
    operation&nbsp;to<BR>
    continuing&nbsp;<BR>
    operation</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 8pt; width: 7%; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt; color: #002060"><B>Balance
    at<BR>
    December&nbsp;31,<BR>
    2024</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Goodwill</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: center; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">1,122,704</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(23,821)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">302,684&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">2,617</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">1,404,184</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Sales channels</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">5.50%</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">165,528</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(16,257)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">149,271</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Software and licenses</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">29.93%</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">280,527</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">1,408</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(564)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">16,863&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">4,237</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">152,553</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(189,018)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">11,793</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">277,799</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Trademarks and patents</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">1.89%</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">12,320,867</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(158)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">352,020&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(122,472)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">9,687</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">12,559,944</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Customer relationship</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">7.24%</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">1,989,691</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">346,235&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(354,708)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">1,981,218</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Supplier relationship</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">6.67%</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">2,629,942</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">382,101&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(296,968)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">2,715,075</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Non-compete agreements</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">41.22%</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">7,243</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">737</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(192)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(5,236)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">2,552</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Other intangible
    assets</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">35,472</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">157,734</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(1,483)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(509)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(971)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">(152,553)</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">37,690</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; background-color: #F2F2F2; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>18,551,974</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>159,879</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>(26,026)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>1,399,202</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>3,266</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>(984,659)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>24,097</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font-size: 8pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>19,127,733</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0in"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><SUP>(a)</SUP>&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: justify">Amounts reclassified from property, plant and equipment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The goodwill generated from acquisitions of equity
interests abroad is expressed in the business unit&rsquo;s functional currency and is translated at the closing rate, in accordance with
NBC TG 02/R3 (CVM Resolution 91/22) &ndash; The Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 52; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">19.</TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">TRADE ACCOUNTS PAYABLE</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 49%; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,761,867</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,116,166</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,465,165&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">16,872,907&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>39,402</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">13,456</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,637&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">618&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">(-) Present value adjustment</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(194,190)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(166,123)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,801,269</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,129,622</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,273,612&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">16,707,402&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,801,269</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,129,622</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,261,845&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">16,706,980&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,767&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">422&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0in"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><SUP>(a)</SUP></TD><TD STYLE="font-size: 8pt; text-align: justify">Trade accounts payable with related parties are detailed in Note 36 - Related-party transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has partnerships with several financial
institutions that enable suppliers to advance their receivables and, therefore, transfer the right to receive invoiced amounts to financial
institutions (&ldquo;<B>Supplier chain financing</B>&rdquo; or &ldquo;<B>Program</B>&rdquo;). Suppliers are free to choose whether or
not to advance receivables and the institution with which to carry out the operation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Program can generate benefits in the commercial
relationships of the Company and its suppliers, such as preferential supply in cases of restricted supply, better price conditions, among
others, with no change to the commercial essence of the relationship.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The invoices included in this Program are payable under
the same price and term conditions negotiated with its suppliers, with no additional charges to the Company, and therefore there are no
changes to the commercial conditions after negotiation and invoicing of the goods or services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of invoices included in the Supplier chain
financing is R$ 789,382 and R$ 5,732,095, respectively, in Parent and Consolidated in 2024 (R$ 330,501 and R$ 5,272,217, respectively,
in 2023).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The average payment term agreed with suppliers that
choose to participate in the Program is substantially similar to the average payment term agreed with non-participating suppliers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company measures and specifies the adjustment to
present value of all its commercial transactions made in installments, specifying financial and operational items.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 53; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">20.</TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">ACCRUED PAYROLL AND RELATED
CHARGES</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balances of payroll and related taxes and social
benefits were evaluated, as shown below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 58%; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Salaries and payroll charges</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>124,323</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">82,776</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,339,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,115,030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Bonuses</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>93,137</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">12,346</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>906,887</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">460,832</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>562,403</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">540,821</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,344</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">7,373</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>217,460</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">95,122</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,819,020</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">2,124,056</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>217,460</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">95,122</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,351,893</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,669,658</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>467,127</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">454,398</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">20.1.
Bonuses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The payment of bonuses is conditioned to the fulfillment
of the Company&rsquo;s performance metrics and to individual employee performance. In addition, in order for the bonus to be paid, the company&rsquo;s
financial performance must reach the EBITDA defined by Management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">20.2.
Employee benefits</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1. Supplementary retirement
plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF sponsors the following supplementary
pension plans for its employees and officers: i) Plan II &ndash; Variable contribution with defined benefit option &ndash; Closed for
enrollment; ii) Plan III &ndash; Defined contribution &ndash; Open for enrollment; and iii) FAF Plan &ndash; Defined benefit - Closed
for enrollment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These plans are managed by BRF Previd&ecirc;ncia, a
closed supplementary pension entity, non-economic and not-for-profit, which through its decision-making board is responsible for establishing
the objectives and pension policies, as well as establishing fundamental guidelines and norms of organization, operation and administration.
The decision-making board is formed by representatives of the sponsor and participants, in the proportion of 2/3 and 1/3, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.1. Defined benefit plans</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan II is a variable contribution plan structured
in the defined contribution modality during the mathematical provisions accumulation period with the option of transforming the applicable
account balance into a monthly lifetime income (defined benefit) on the date the benefit is granted. The main actuarial risks are: (i)
survival longer than expected in the mortality tables and (ii) real return on assets below the real discount rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The FAF Plan (Funda&ccedil;&atilde;o Att&iacute;lio
Francisco Xavier Fontana) aims to supplement the benefit paid by the National Social Security Institute (&ldquo;INSS&rdquo;). The benefit
is calculated based on the participant&rsquo;s income and the amounts vary according to the type of retirement and other criteria defined in
the plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The main actuarial risks are: (i) survival longer than
expected in the mortality tables, (ii) turnover lower than expected, (iii) salary growth above expectations, (iv) real return on assets
below the real discount rate, (v) changes in the pension rules, and (vi) real family composition of retirees different from the established
assumption.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Actuarial valuations of plans managed by BRF Previd&ecirc;ncia
are carried out annually by independent specialists and reviewed by Management, in accordance with current rules.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 54; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the event of a deficit in the plans, in amounts
higher than those defined by legislation, it must be resolved by the sponsor, participants and beneficiaries, in the proportion of their
contributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The economic benefit presented as an asset considers
only the part of the surplus that is actually recoverable. The recovery of the surplus, classified as a special reserve of the plans according
to the applicable laws, occurs through reductions in future contributions or reversal of amounts in installments to participants, beneficiaries
and the sponsor, based on their proportional contribution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.2. Defined contribution
plans</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Plan III is a defined contribution plan in which
contributions are known and the value of the benefit will depend directly on the amount of contributions made by participants and sponsors,
the contribution time and the proceeds obtained from the investment of the contributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Contributions made by the Company totaled R$ 28,903
in 2024 (R$ 26,911 in 2023). In 2024, the Plan had 34,354 participants (35,644 participants in 2023).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If the participants of Plans II and III terminate their
employment relationship with the sponsor, the unused balance of the sponsor&rsquo;s contributions in the payment of benefits will form a surplus
fund that can be used to offset the sponsor&rsquo;s future contributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.3. Changes in defined
benefit and variable contribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The actuarial assets and liabilities as well as the
changes in related obligations and rights are presented below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; width: 56%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>FAF</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-top: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Plan II</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Breakdown of actuarial assets and liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Present value of actuarial obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,181,366&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">3,348,786&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,547&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">21,789&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Fair value of assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,734,685)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(3,647,431)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(21,712)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(22,845)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Deficit</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(553,319)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(298,645)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,165)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,056)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Irrecoverable surplus (asset ceiling effect)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>553,319&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">298,645&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,165&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,056&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>(Asset)/Net actuarial liability</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in the irrecoverable surplus</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Irrecoverable surplus at the beginning of the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>298,645&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">482,263&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,056&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,923&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Interest on irrecoverable surplus</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>28,491&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">47,021&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>99&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">187&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Change in irrecoverable surplus during the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>226,183&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(230,639)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>10&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,054)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Irrecoverable surplus at the end of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>553,319&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">298,645&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,165&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,056&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in present value of obligations</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Present value of obligations at the beginning of the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,348,786&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">3,121,348&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,789&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">20,822&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Interest on actuarial obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>308,002&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">293,231&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,963&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,935&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,226&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">18,153&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Benefits paid by the plan</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(229,382)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(233,865)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,937)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,947)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Actuarial (gains) losses - experience</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>35,984&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">81,782&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>377&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">460&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Actuarial (gains) losses - economic assumptions</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(301,250)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">68,137&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,645)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">519&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Amount of obligations at the end of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,181,366&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">3,348,786&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,547</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">21,789&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in the fair value of assets</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Fair value of plan assets at the beginning of the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,647,431)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(3,603,611)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(22,845)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(22,745)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Interest income on plan assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(336,492)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(340,252)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(2,062)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,122)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Benefits paid by the plan</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>229,382&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">233,865&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,937&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,947&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Yield on assets (higher) lower than projection</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,856&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">62,567&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,258&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">75&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Value of assets at the end of year</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,734,685)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(3,647,431)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(21,712)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(22,845)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in comprehensive income</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Balance at the beginning of the year</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>18,153&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">23,190&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;<B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">3,385&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Reversal to accumulated results</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(18,153)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(23,190)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(3,385)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Actuarial losses</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>265,266&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(149,919)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,268&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(979)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Yield on assets higher (lower) than projection</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(19,856)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(62,567)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,258)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(75)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Change in irrecoverable surplus</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(226,183)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">230,639&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(10)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,054&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Comprehensive income at the end of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,227&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">18,153&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Cost recognized in profit or loss</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(19,226)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(18,153)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Interest on actuarial obligations</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(308,002)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(293,231)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,963)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,935)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Expected return on plan assets</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>336,492&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">340,252</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,062&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">2,122&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Interest on irrecoverable surplus</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(28,491)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(47,021)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(99)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(187)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Cost recognized in the statement of income</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(19,227)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(18,153)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Cost estimate for the following year</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Defined benefit cost</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(16,927)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(19,226)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #0070C0 1pt solid"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Estimated amount for the following year</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(16,927)</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">(19,226)</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 56; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.4. Actuarial assumptions
and demographic data</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The main assumptions and demographic data used in the
preparation of actuarial calculations are presented below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; width: 57%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 5pt 3pt; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>FAF</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-top: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Plan
    II</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>Actuarial
    assumptions</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>Economic
    assumptions</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discount
    rate</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.49%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.54%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10.44%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.43%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inflation
    rate</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.50%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.50%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salary
    growth rate</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.60%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.60%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N/A</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>Demographic
    assumptions</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 3pt 1pt 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mortality
    table</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basic
    AT-2000, </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic
    AT-2000, </FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basic
    AT-2000, </B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic
    AT-2000,</FONT></TD></TR>
  <TR STYLE="font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>by&nbsp;gender</B></FONT></TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">by
    gender</FONT></TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>by&nbsp;gender</B></FONT></TD>
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">by
    gender</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disability
    mortality table</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CSO-58</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CSO-58</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CSO-58</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CSO-58</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>Demographic
    data</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number
    of active participants</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,030</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,314</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding: 1pt 3pt 1pt 0.125in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number
    of beneficiary participants</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,171</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,972</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>51</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="padding: 1pt 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font: 2pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.5. Composition of the
plans&rsquo; investment portfolios</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The composition of the plans&rsquo; investment portfolios
is presented below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-top: 5pt; padding-right: 3pt; padding-bottom: 5pt; width: 25%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding: 5pt 3pt; white-space: nowrap; width: 9%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>FAF</B></FONT></TD>
    <TD STYLE="padding: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Plan II</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Composition of the fund portfolio</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt 1pt 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Fixed income</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,919,403</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>78.2%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">2,607,913</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">71.5%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>19,424</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>89.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">20,629</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">90.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt 1pt 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Variable income</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>361,891</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>9.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">339,211</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,874</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>8.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">937</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">4.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt 1pt 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Properties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>308,858</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>8.3%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">368,391</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">10.1%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>0.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">0.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt 1pt 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>144,533</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">331,916</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">9.1%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>414</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,256</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">5.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 3pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,734,685</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>100%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">3,647,431</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,712</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>100%</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">22,845</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; vertical-align: bottom; padding-right: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>% nominal return on assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>9.23%</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">9.44%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>9.03%</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">9.33%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; padding-right: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.6. Forecast of payments
and average duration of obligations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following amounts represent the expected benefit
payments for future years, as well as the average duration of the plan obligations:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; width: 79%; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 3pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 3pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 3pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding: 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 3pt; border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>FAF</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 3pt; border-top: #0070C0 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>Plan II</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>252,912</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,038</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>252,642</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,016</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2027</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>253,066</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,991</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2028</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>252,502</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,961</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">2029</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>253,677</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,927</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">2030 to 2034</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,289,942</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,934</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Weighted average duration - in years</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>10.10</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>8.20</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 57; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.1.7. Sensitivity analyses
of the defined benefit plan - FAF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The quantitative sensitivity analysis in relation to
the significant assumptions of the defined benefit plan - FAF at December 31, 2024 is shown below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Variation (+ 1%)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; padding: 5pt 3pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Variation (- 1%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 39%; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Significant assumptions</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Assumption used</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Rate</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>PVO <SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>Rate</B></FONT></TD>
    <TD STYLE="padding: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt; color: #002060"><B>PVO <SUP>(a)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Benefit plan - FAF</B></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Discount rate</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">10.49%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">11.49%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2,903,579</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">9.49%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,510,948</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Salary growth <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1.06%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">2.06%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,206,208</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">0.06%</FONT></TD>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3,160,684</FONT></TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 2pt; white-space: nowrap; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 5pt Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0in"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(a)</SUP>&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-size: 8pt">Present
                                            value of obligation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 0pt"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt"><SUP>(b)</SUP>&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-size: 8pt">Actual
                                            rate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2. Description and characteristics
of the benefits and associated risks</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The human resources policy of subsidiary BRF includes
offering the following post-employment benefits and other employee benefits, with amounts calculated based on the actuarial cost method
and recognized in the financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 1pt 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; padding: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 74%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 13%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 13%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap"><FONT STYLE="font-size: 10pt">Healthcare plan</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>61,278</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">66,245</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">FGTS severance pay</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>75,771</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">70,535</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Seniority bonus</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>111,071</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">125,991</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Retirement bonus</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>56,087</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">52,403</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Life insurance </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,887</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">9,174</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 10pt">Defined benefit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>249,309</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">216,473</FONT></TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="padding: 1pt 3pt; font-size: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>562,403</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">540,821</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.1. Healthcare plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF offers a healthcare plan benefit with
a fixed contribution to retired employees, pursuant to Law&nbsp;9.656/98.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, retired employees who have contributed
with the healthcare plan as a result of an employment relationship of, at least, 10 years, are entitled to remain as beneficiaries of
the plan under the same coverage conditions the employee had while working for the Company. The main actuarial risks are: (i) survival
longer than expected in the mortality tables, (ii) turnover lower than expected and (iii) higher than expected growth in medical costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.2. FGTS fine upon retirement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As decided by the Regional Labor Court on April 20,
2007, INSS retirement has no effect on the labor agreement established between the Company and its employees. However, if an employee
is retired before the INSS and the labor agreement is terminated, subsidiary BRF may, in certain cases, enter into a mutual agreement
granting a benefit equivalent to a 20% fine on the FGTS balance. The main actuarial risks are: (i) survival longer than expected in the
mortality tables, (ii) turnover lower than expected and (iii) higher than expected growth in salaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.3. Seniority bonus</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF&rsquo;s policy is to reward its active
employees who reach 10 years of service and, from that date on, offer an additional compensation every 5 years. The main actuarial risks
are: (i) turnover lower than expected; (ii) higher than expected growth in salaries; and (iii) survival longer than expected in the mortality
tables.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 58; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.4. Retirement bonus</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Upon retirement, employees who have worked for subsidiary
BRF for more than 8 years are entitled to a supplementary compensation, in addition to their legal benefits. The main actuarial risks
are: (i) turnover lower than expected; (ii) higher than expected growth in salaries; and (iii) survival longer than expected in the mortality
tables.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.5. Life insurance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF offers additional life insurance for
additional 2 or 3 years to retired employees who have terminated their employment contracts, as long as they have opted for life insurance
during their employment period. The main actuarial risks are: (i) survival longer than expected in the mortality tables, (ii) turnover
lower than expected and (iii)&nbsp;higher than expected growth in salaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.6. Defined benefit</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF has recorded liabilities related to
defined benefit for certain subsidiaries located in Turkey, Saudi Arabia, Qatar and United Arab Emirates, Oman and Kuwait, referring to
payments in the event of termination if specific conditions are met, which vary according to the laws of each country. The main actuarial
risks are: (i) turnover lower than expected and (ii) higher than expected growth in salaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 59; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt; color: #1374FB">20.2.2.7. Changes in actuarial
obligations of benefits</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in actuarial obligations related to other benefits,
prepared based on an actuarial report and reviewed by management, are presented below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-top: 1pt; width: 45%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 1%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 1%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 1%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; width: 6%; background-color: #F2F2F2; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: right; padding-bottom: 7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt"><FONT STYLE="font-size: 10pt; color: #002060"><B>Healthcare plan</B></FONT></TD>
    <TD STYLE="padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt"><FONT STYLE="font-size: 10pt; color: #002060"><B>FGTS fine</B></FONT></TD>
    <TD STYLE="padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt"><FONT STYLE="font-size: 10pt; color: #002060"><B>Seniority bonus</B></FONT></TD>
    <TD STYLE="padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 7pt; background-color: #F2F2F2; text-align: center; padding-bottom: 7pt"><FONT STYLE="font-size: 10pt; color: #002060"><B>Other (a)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: rgb(0,111,192) 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Breakdown of actuarial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Present value of actuarial obligations</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>61,278&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">66,245&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>75,771&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">70,535</FONT>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>111,071&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">125,991&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>314,283</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">278,050&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Recognized net liability</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>61,278&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 2.5pt double; border-top: rgb(0,111,192) 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">66,245&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>75,771&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 2.5pt double; border-top: rgb(0,111,192) 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">70,535&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>111,071&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 2.5pt double; border-top: rgb(0,111,192) 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">125,991&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>314,283</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">278,050&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in present value of obligations</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Present value at the beginning of the year</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>66,245&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">119,729&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>70,535&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">60,657</FONT>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>125,991&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">112,225&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>278,050</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">228,700&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Interest on actuarial obligation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,268</B></FONT>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">11,434</FONT>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,668</B></FONT>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">5,052</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,893&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">10,104&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>36,487</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">16,947&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>19&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">508&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,021&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">2,669</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,146&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">5,707&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>31,573</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">22,123&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Past service cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(15,040)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">3,326&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Benefits paid directly by the Company</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,679)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(4,562)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(5,146)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(4,937)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(20,995)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(16,201)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(24,850)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(44,141)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Actuarial (gains) losses - experience</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,350&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(62,276)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,952</B></FONT>&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">5,938</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>11,472&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">12,745&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>81,695</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">103,847&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Actuarial losses - demographic assumptions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(811)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(122)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(6,504)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Actuarial (gains) losses - economic assumptions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(8,114)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,412&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(4,258)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,156</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(7,397)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,411</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(124,617)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(6,747)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Actuarial (gains) losses - translation gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>36,067</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(39,501)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Amount of obligations at the end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>61,278</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">66,245&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>75,772&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">70,535&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>111,070&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">125,991</FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>314,283</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">278,050</FONT>&nbsp;</TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in the fair value of assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Benefits paid directly by the Company</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,679&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">4,562&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,146&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">4,937&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>20,995&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">16,201&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>24,850</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">44,141&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Sponsor&rsquo;s contributions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,679)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(4,562)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(5,146)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(4,937)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(20,995)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(16,201)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(24,850)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(44,141)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Fair value of assets at the end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Changes in comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Initial balance</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>110,432&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">49,568&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(12,165)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(5,071)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(134,273)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(84,008)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Actuarial gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,575&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">60,864&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(1,694)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(7,094)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>43,044</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(90,596)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>36,067&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">40,331&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Comprehensive income at the end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>118,007&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">110,432&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(13,859)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(12,165)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(55,162)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(134,273)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Costs recognized in the statement of income</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Interest on actuarial obligations</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,268)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(11,434)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(5,668)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(5,052)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(10,893)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(10,104)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(36,487)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(16,947)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(19)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(508)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,021)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(2,669)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,146)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(5,707)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(31,573)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(22,123)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Past service cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>15,040&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(3,326)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Immediate recognition of losses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(4,075)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(14,156)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Cost recognized in the statement of income</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,287)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(11,942)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(8,689)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(7,721)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,074)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(29,967)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(68,060)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(42,396)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Cost estimate for the following year</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Current service cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,103)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(3,021)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(5,423)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(6,146)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(2,257)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(30,317)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #E7E6E6 1pt solid; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Interest on actuarial obligations</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,265)</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(6,268)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(5,669)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(10,893)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(35,728)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: #0070C0 1pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: #1374FB"><B>Estimated amount for the following year</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(6,265)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; border-top: rgb(0,111,192) 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(6,287)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(3,103)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; border-top: rgb(0,111,192) 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(8,690)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(5,423)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; border-top: rgb(0,111,192) 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(17,039)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt"><B>(2,257)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">(66,045)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 8pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 8pt; width: 0in"></TD><TD STYLE="font-size: 8pt; width: 0.25in; text-align: left"><SUP>(a)</SUP>&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: justify">Considers the sum of the benefits Retirement bonus, Life
insurance and Defined benefit granted in certain subsidiaries of subsidiary BRF.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<!-- Field: Page; Sequence: 60; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; color: #1374FB">20.2.2.8. Actuarial assumptions and
demographic data</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main assumptions and demographic data used in the preparation
of actuarial calculations are summarized below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 43%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: center; background-color: #F2F2F2">Healthcare plan</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: center; background-color: #F2F2F2">FGTS fine</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Other (a)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Actuarial assumptions</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Economic assumptions</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount rate</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">9.61%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">9.61%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">10.61%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">9.42%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">10.61%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">13.77%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inflation rate</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">11.75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical inflation</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6.60%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6.60%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salary growth rate</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">8.34%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FGTS balance growth</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.41%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">N/A</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Demographic assumptions</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortality table</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;Basic AT-2000, by gender&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;Basic AT-2000, by gender&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;Basic AT-2000, by gender&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;Basic AT-2000, by gender&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disability table</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;N/A&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;N/A&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&ldquo;&Aacute;lvaro Vindas&rdquo; smoothed by 30%&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&ldquo;&Aacute;lvaro Vindas&rdquo; smoothed by 30%&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turnover table - BRF history</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2024</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2024</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2023</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Demographic data</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Number of active participants</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,015</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,575</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,120</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Number of beneficiary participants</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,189</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,415</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><SUP>(a)</SUP></TD><TD>Includes benefits of retirement bonus and life insurance.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; color: #1374FB">20.2.2.9. Forecast of payments and
average duration of obligations</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following amounts represent expected benefit payments for future
years (10 years) from the obligation of benefits granted, as well as their average duration:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 13%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1pt solid; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left">Payments</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">Healthcare plan</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">FGTS fine</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">Seniority bonus</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Other (a)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">2025</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,055</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,006</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,979</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,236</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,276</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2026</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,472</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,788</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,904</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,247</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,411</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2027</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,922</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,343</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,231</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,544</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,040</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2028</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,294</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,233</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,204</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,432</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,163</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2029</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,779</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,791</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,757</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,827</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,154</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: left">2030 to 2034</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,569</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,271</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,764</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275,565</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-top: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429,169</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; text-align: left">Weighted average duration - in years</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.64</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; padding-right: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: middle">
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: Silver 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Considers the sum of the benefits Retirement bonus, Life insurance
and Defined benefit granted in certain subsidiaries of subsidiary BRF.</TD>
</TR></TABLE>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; color: #1374FB">20.2.2.10. Sensitivity analysis of
post-employment benefits</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF performed quantitative sensitivity analyses in relation
to the significant assumptions for the following benefits at December 31, 2024, as shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 14%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 2pt; color: #70AD47; font-weight: bold; border-top: #0070C0 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; color: #70AD47; font-weight: bold; border-top: #0070C0 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; color: #002060; font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 0.5pt solid; text-align: center">(+) Variation</TD>
    <TD STYLE="padding-top: 2pt; color: #70AD47; font-weight: bold; border-top: #0070C0 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; color: #002060; font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 0.5pt solid; text-align: center">(-)&nbsp;&nbsp;Variation</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center">Significant assumptions</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center">Assumption used</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 0.5pt">Rate (%)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">PVO <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 0.5pt">Rate (%)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">PVO <SUP>(a)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left">Healthcare plan</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Discount rate</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">9.61%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">11.43%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,860</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">9.43%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,376</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Medical inflation</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">6.60%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">7.60%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,411</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5.60%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,721</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left">Seniority bonus</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Discount rate</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">10.66%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">11.66%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,477</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">9.66%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116,108</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Turnover</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">Background</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">+3%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,576</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-3%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,456</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #1374FB; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left">FGTS fine</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Discount rate</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">10.61%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">11.61%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,486</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">9.61%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,451</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;Salary increase</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">3.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">4.50%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,423</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">2.50%</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,170</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; text-align: left">&nbsp;&nbsp;&nbsp;Turnover</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; text-align: right">Background</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; text-align: right">+3%</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,196</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; text-align: right">-3%</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 0.5pt solid; padding-right: 3pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,708</TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: middle">
    <TD STYLE="font-size: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; padding-right: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Present value of obligation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Trebuchet MS Negrito,serif; text-transform: uppercase; margin-top: 0; margin-bottom: 0; color: #1374FB"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial Black,sans-serif">21.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">TAXES PAYABLE</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; width: 63%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 1pt; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">State VAT (ICMS) payable</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521,162</TD>
    <TD STYLE="padding-right: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247,623</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Income and social contribution taxes payable</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,870</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183,224</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716,547</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639,486</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Special tax debt installment plans</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,707</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,710</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,840</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109,346</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other taxes, fees and contributions payable</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,108</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,305</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,414</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113,768</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,685</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195,239</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,494,963</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,110,223</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt; padding-left: 5.4pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; color: gray; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; color: gray; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; color: gray; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; color: gray; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 3pt; color: gray; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Current liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,818</TD>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,839</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,236,661</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763,562</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,867</TD>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,400</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258,302</TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346,661</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt; text-align: justify">Changes in special installment payment plans are as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 51%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; padding-right: 5.4pt; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #00A000; font-weight: bold; text-align: right">Parent</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Opening balance</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">2,710</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">10,822</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">109,346</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">121,373</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">(+) Enrollment in the installment payment program</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,593</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">17,643</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">(+) Inflation adjustment interest</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">186</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,521</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">7,033</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">11,901</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">(-) Payments / offsets made</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,189)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(11,226)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(19,539)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(41,571)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Debt balance</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><P STYLE="margin: 0pt 0">1,707</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">2,710</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">96,840</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">109,346</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; color: #1374FB"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial Black,sans-serif">22.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif; text-transform: none">LOANS, FINANCING AND DEBENTURES</FONT></TD></TR></TABLE>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 39%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-size: 9pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: left">Credit facility</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">Charges (% p.a.)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">Weighted average interest rate (p.a.)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">Weighted average maturity (years)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Domestic currency:</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NCE/Working capital</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.43%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153,062</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CPR/CCB</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;CDI&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.14%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,599,447</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,805,840</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Agribusiness Receivables Certificates (CRA)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;CDI / IPCA +&nbsp;Fixed Rate&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">11.54%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,420,713</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,971,440</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total domestic currency</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.04%</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,173,222</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,777,280</TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid">Foreign currency:</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NCE/Prepayment (US$)/ACC (US$)&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate + SOFR&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">7.19%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,377,675</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,408,454</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Bank loan (US$)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate + FX&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">3.45%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,953</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,936</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CRA</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate+FX&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">6.20%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576,008</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: middle">
    <TD STYLE="font-size: 5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total foreign currency</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">7.02%</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,080,636</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,617,390</TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total loans, financing and debentures</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">10.61%</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,253,858</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,394,670</TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Current liabilities</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,479,301</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,181,118</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Non-current liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,774,557</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,213,552</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; border-bottom: rgb(0,112,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; border-bottom: rgb(0,112,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; border-bottom: rgb(0,112,192) 1.5pt solid">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: left">Credit facility</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center">Charges (% p.a.)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">Weighted average interest rate (p.a.)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">Weighted average maturity (years)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Domestic currency:</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NCE/Working Capital</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;CDI + Fixed Rate&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.73%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,266,464</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,361,124</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CPR/CCB</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;CDI&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.14%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,599,447</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,805,840</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CRA</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;CDI + IPCA +&nbsp;Fixed Rate + Pre-Fixed&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">11.71%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,186,259</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,971,440</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Tax incentives</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Pre-Fixed&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,604</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Debentures</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;IPCA&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">10.71%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,337,210</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,486,619</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: middle">
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total domestic currency</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">11.87%</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,389,380</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,631,627</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray">&nbsp;</TD>
    <TD STYLE="color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid">Foreign currency:</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Prepayment/NCE/ACC (US$)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate +&nbsp;SOFR/ Pre-Fixed + FX&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">6.51%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,975,777</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,003,525</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Bonds (US$)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed rate + FX / Pre-Fixed&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5.07%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.91</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,525,424</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,891,545</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Bank loan (US$)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate + SOFR + FX&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">6.99%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,340,520</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,667,881</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Revolving credit facility</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate + SOFR&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">6.75%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,057,761</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,452,259</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Working capital&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Pre-Fixed/ Fixed Rate / Eibor&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">12.03%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,258,761</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938,755</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 18px; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CRA</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;Fixed Rate+FX&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">6.20%</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576,008</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: middle">
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total foreign currency</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">5.99%</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,734,251</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,953,965</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total loans, financing and debentures</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">8.24%</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,123,631</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,585,592</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Current liabilities</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,352,851</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,509,414</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,770,780</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,076,178</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The changes in loans, financing and debentures are as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: left">Description</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">12/31/2023</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: #002060">Additions <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">Loan costs</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">Liabilities held for sale</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: #002060">Payments <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: #002060">Interest <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">Capitalized interest</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">Translation gains</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">Balance sheet conversion adjustment</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">12/31/2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00A000; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Parent</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;12,394,670</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,400,446</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,349</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,280,407</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;(5,799,527)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;1,694,261</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,238,252</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,253,858</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: left">Consolidated</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;51,585,592</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;75,998,148</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,269</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,280,407</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;(85,080,007)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;4,165,808</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,002</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,566,791</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,378,621</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,123,631</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Includes working capital transactions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Includes interest, inflation adjustment of principal, coupon
and mark-to-market for hedged debts in a fair value hedge.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 63; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The maturity schedule is as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #00A000; font-weight: bold; text-align: right">Parent</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">12/31/2024</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2024</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,181,118</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,509,414</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2025</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,479,301</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,848,275</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,352,851</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,114,288</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2026</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,184,179</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,181,057</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;10,004,959</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;11,385,522</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2027</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,858,936</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,021,969</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,364,504</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,159,849</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2028</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,393,699</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,072,060</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,381,965</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,640,775</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2029 onwards</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,337,743</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,090,191</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;30,019,352</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;18,775,744</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;21,253,858</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;12,394,670</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;61,123,631</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;51,585,592</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">22.1.</TD><TD STYLE="text-align: justify">CRA</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On February 29, 2024, the Company approved the 15<SUP>th</SUP>
issue of simple, non-convertible, unsecured debentures, in up to three series, for private placement.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Within the scope of the public offer for the distribution of agribusiness
receivables certificates of the Issuer&rsquo;s 318<SUP>th</SUP> issue, in three series, with nominal unit value on the issue date of R$ 1, totaling
R$ 1,500,000, backed by agribusiness credit rights, represented by simple, non-convertible, unsecured debentures, without additional personal
guarantee (private placement). The issue was completed on March 26, 2024, and the total amount raised was R$ 1,500,000.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On June 27, 2024, subsidiary BRF concluded the 5<SUP>th</SUP> issue
of simple, non-convertible, unsecured debentures, in three series, for private placement, in the total amount of R$ 2,000,000. Within
the scope of the distribution of agribusiness receivables certificates of the Issuer&rsquo;s 332<SUP>nd</SUP> issue, in three series, backed
by agribusiness credit rights, for public distribution for the general public.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On July 5, 2024, the Company approved the 16<SUP>th</SUP> issue
of simple, non-convertible, unsecured debentures, in a single series, for private placement. Within the scope of the public offer for
the distribution of agribusiness receivables certificates of the Issuer&rsquo;s 343<SUP>rd</SUP> issue, with nominal unit value on the issue
date of R$ 1, totaling R$ 500,000, backed by agribusiness credit rights (CRA), represented by simple, non-convertible, unsecured debentures,
without additional personal guarantee (private placement). The issue was completed on July 15, 2024, and the total amount raised was R$
500,000.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On August 16, 2024, the Company approved the 17<SUP>th</SUP> issue
of simple, non-convertible, unsecured debentures, in a single series, for public distribution, in the form of automatic registration of
distribution. Within the scope of the distribution offer, with a nominal unit value on the issue date of R$ 1, totaling R$ 500,000, inflation
adjusted by the variation of the US Dollar. The issue was completed on August 30, 2024, and the total amount raised was R$ 500,000.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On October 4, 2024, the Company approved the optional early redemption
of the distribution of the 10<SUP>th</SUP> issue of simple, non-convertible, unsecured debentures, in a single series, for public distribution
with restricted efforts corresponding to 500,000 debentures, entered into on January 31, 2022, between the Company and V&oacute;rtex Distribuidora
de T&iacute;tulos e Valores, Mobili&aacute;rios Ltda.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On October 10, 2024, the Company approved the 18<SUP>th</SUP> issue
of simple, non-convertible, unsecured debentures, in up to four series, for private placement, in the form of automatic registration of
distribution. Within the scope of the public offer for the distribution of agribusiness receivables certificates of the Issuer&rsquo;s 369<SUP>th</SUP>
issue, with nominal unit value on the issue date of R$ 1, totaling R$ 2,500,000, backed by agribusiness credit rights (CRA), without additional
personal guarantee (private placement). The issue was completed on November 7, 2024, and the total amount raised was R$&nbsp;2,000,000.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 64; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">22.2.</TD><TD STYLE="text-align: justify">Bonds</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On June 5, 2024, the Company repurchased and canceled the total
portion equivalent to US$ 100.3 million related to the principal of outstanding senior notes (bonds) due in 2026, 2029 and 2031 as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">a)</TD><TD STYLE="text-align: justify">Portion equivalent to principal of US$ 31.1 million of the outstanding senior notes issued by NBM US Holdings
Inc with remuneration of 7.000% p.a. and due in 2026 (&ldquo;2026 notes&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">Portion equivalent to principal of US$ 8.5 million of the outstanding senior notes issued by NBM US Holdings
Inc. with remuneration of 6.625% p.a. and due in 2029 (&ldquo;2029 notes&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">Portion equivalent to principal of US$ 60.7 million of the outstanding senior notes issued by MARB BondCo
PLC. with remuneration of 3.950% p.a. and due in 2031 (&ldquo;2031 notes&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On December 2, 2024, the Company made a partial early settlement
of the senior notes (bonds) due in 2026, with remuneration of 7.000% p.a., issued on May 14, 2019 by NBM US Holdings, Inc. The amount
equivalent to US$&nbsp;500,000 was paid.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In 2024, subsidiary BRF repurchased bonds, considering the following
issues: 4.35% senior notes due in 2026 and 4.875% senior notes due in 2030. The subsidiary BRF paid R$ 105,735 in principal, R$ 574 related
to interest and other amounts, and R$ 1,212 related to the premium on the repurchase.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">22.3.</TD><TD STYLE="text-align: justify">Debentures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In the 3<SUP>rd</SUP> quarter of 2024, subsidiary BRF settled in
advance the following issues of debentures: DI Debentures of the 4<SUP>th</SUP> issue of simple, non-convertible, unsecured debentures,
for private placement (&ldquo;DI Debentures&rdquo;) and Debentures of the 4<SUP>th</SUP> series of the 1<SUP>st</SUP> issue of simple,
non-convertible, unsecured debentures, for public distribution with restricted efforts (&ldquo;4<SUP>th</SUP> Series Debentures&rdquo;).
R$ 978,268 was paid for the settlement of the principal and R$ 40,685 related to interest and costs.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">22.4.</TD><TD STYLE="text-align: justify">Guarantees</TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #00A000; font-weight: bold; text-align: right">Parent</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">12/31/2024</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 2pt double; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Balance of financing</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;21,253,858</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;12,394,670</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;61,123,631</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;51,585,592</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 2pt">Guarantees:</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Promissory note</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315,228</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124,462</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315,228</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124,462</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Bank surety</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,235</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Surety</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,534,825</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,019,670</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,028,761</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,298,922</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Facilities</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,423,107</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,250,378</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Letter of credit</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,402</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246,767</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,402</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246,767</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Tax incentives</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,604</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Corporate guarantee</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484,888</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left">No guarantees</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;17,146,403</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;10,003,771</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;53,099,133</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;45,111,336</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 65; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; color: #1374FB"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">22.5.
Covenants</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company is a party to some loan and financing contracts that
contain clauses requiring the maintenance of specific limits of consolidated debt, through covenants.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">These covenants set the limit of 4.75x for the ratio of net debt
to EBITDA in the last 12 months (LTM). Failure to comply therewith could lead creditors to request the early maturity of the Company&rsquo;s
debt.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Due to the contractual provisions (carve-out) that allow the exclusion
of foreign exchange variation effects from the calculation of leverage ratio (net debt/Adjusted EBITDA - LTM), the Company clarifies that
based on this methodology, the current leverage ratio (net debt/Adj. EBITDA) stood at 2.21x.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The leverage ratio is calculated as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 56%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 10%">12/31/2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Consolidated gross debt</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;61,483,041</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">(-) Consolidated cash and cash equivalents</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;22,640,985</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">(-) Effect from exchange variation (carve-out)</FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,359,681</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Consolidated adjusted net debt</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; border-bottom-color: #0070C0; border-bottom-style: double; border-bottom-width: 2pt; font-family: Arial, sans-serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;30,482,375</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Adjusted EBITDA in the year ended December 31, 2024</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;13,766,605</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1.5pt">Leverage ratio</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company did not identify any breach of its covenants at December
31, 2024.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">23.
<FONT STYLE="text-transform: none">ADVANCES FROM CUSTOMERS</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2024</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2023</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 3pt; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 3pt; color: #002060; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2023</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font: 3pt Arial, sans-serif; border-top: #E7E6E6 1.5pt solid">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">&nbsp;&nbsp;&nbsp;Third parties</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,789,376</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,496,657</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,089,060</TD>
    <TD STYLE="border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,614,640</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">&nbsp;&nbsp;&nbsp;Related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,536</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 4pt; vertical-align: middle">
    <TD STYLE="font: 4pt Arial, sans-serif; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 4pt Arial, sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, sans-serif; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 4pt Arial, sans-serif; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 4pt Arial, sans-serif; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; color: #002060; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; padding-right: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,789,380</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,523,193</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,089,060</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,614,640</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP> Advances from customers with related parties are
detailed in Note 36 &ndash; Related parties.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Advances from customers refer to amounts received in advance from
customers in accordance with the Company&rsquo;s credit policies, the average period for repayment of these advances is 6 months.</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0pt; text-indent: 0pt; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0pt; text-indent: 0pt; color: #1374FB"></P>

<!-- Field: Page; Sequence: 66; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0pt; text-indent: 0pt; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">24.
<FONT STYLE="text-transform: none">LEASE PAYABLE</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company measures its lease liabilities at the present value
of installments and costs associated with the lease agreement, as provided for in NBC TG 06/R3 (CVM Resolution 95/22).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following table presents the breakdown of lease payable:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; padding-bottom: 2pt">Parent</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: left; width: 36%">Lease</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 11%">Weighted<BR>
 average<BR>
 interest rate<BR>
 (p.a.)</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 11%">Weighted<BR>
 average<BR>
 maturity<BR>
 (years)</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 11%">12/31/2024</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 11%">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid">Plants, facilities and buildings</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">7.00%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,740</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,893</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Aircraft</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.88%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438,210</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Other</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5.10%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,241</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Interest to incur</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79,388)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,144)</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 6pt Arial, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373,855</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,990</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 6pt Arial, sans-serif; color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid">Current liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,004</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1.5pt solid; border-bottom: #E7E6E6 1.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,167</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344,851</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,823</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 36%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; width: 15%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 11%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 11%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; width: 11%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; width: 11%; padding-bottom: 2pt">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: left">Lease</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">Weighted<BR>
 average<BR>
 interest rate<BR>
 (p.a.)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">Weighted<BR>
 average<BR>
 maturity<BR>
 (years)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Plants, facilities and buildings</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">9.23%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,680,119</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,337,318</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Machinery and equipment</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">7.56%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631,881</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629,419</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Aircraft</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.88%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438,210</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Other</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">11.39%</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225,378</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280,232</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Interest to incur</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79,388)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,408)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,896,200</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,238,561</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">Current liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,204,466</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,080,298</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,691,734</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,158,263</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Financial charges are recognized as financial expenses based on
the real discount rate, according to the remaining period of the agreement.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following table presents the changes in lease payable:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: left; width: 8%; padding-bottom: 5pt">Description</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 7%; padding-bottom: 5pt">12/31/2023</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 7%; padding-bottom: 5pt">Additions</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 6%; padding-bottom: 5pt">Financial expenses</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 8%; padding-bottom: 5pt">Payments</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 7%; padding-bottom: 5pt">Write-offs</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 8%; padding-bottom: 5pt">Translation<BR>
gains&nbsp;(losses)</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 22%; padding-bottom: 5pt">Transfer from continuing<BR>
operation to discontinued<BR>
operation</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 8%; padding-bottom: 5pt">Balance&nbsp;sheet<BR>
conversion<BR>
adjustment</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 8%; padding-bottom: 5pt">Adjustment&nbsp;to <BR>
present value</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 5pt"><B>12/31/2024</B></TD>
    </TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00A000; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Parent</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">17,990</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">360,608</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">1,227</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">(5,394)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">(676)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"></TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">100</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">373,855</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: left">Consolidated</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">4,238,561</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">1,736,088</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">409,988</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">(1,314,391)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">(385,659)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">(70)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">(676)</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">212,259</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">100</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right">4,896,200</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 67; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">The maturity schedule is as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 13%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 13%">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 13%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 13%">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2024</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,167</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,080,298</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2025</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,004</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,314</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,204,520</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803,449</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2026</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,498</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,592</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887,189</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607,369</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2027</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,975</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,550</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721,530</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528,588</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2028</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,224</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,367</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498,349</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310,159</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2029 onwards</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235,154</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,584,612</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908,698</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373,855</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,990</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,896,200</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,238,561</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">24.1.
Potential right to PIS and COFINS</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company holds the potential right to recoverable PIS and COFINS
taxes embedded in the consideration of certain leases for industrial plants, buildings, machinery and equipment and others. The measurement
of the cash flows from the leases did not detail the tax credits, with the potential effects from PIS/COFINS presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: left; width: 48%; padding-bottom: 3pt">Description</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 12%; padding-bottom: 3pt">Nominal</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 12%; padding-bottom: 3pt">Adjustment to present value</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; width: 12%; padding-bottom: 3pt">Nominal</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: center; background-color: #F2F2F2; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 3pt; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; width: 12%; padding-bottom: 3pt">Adjustment to present value</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; text-align: left">Lease consideration</TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,740</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,017</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,518</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165,514</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">Potential PIS / COFINS (9.25%)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,363</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,204</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,790</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,310</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">24.2.
Inflationary effects</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company adopted as accounting policy the requirements of NBC
TG 06/R3 (CVM Resolution 95/22) in the measurement and remeasurement of its right of use, based on discounted cash flow without considering
inflation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Management evaluated the impacts of using nominal flows and concluded
that they do not present relevant distortions in the information presented, to ensure the faithful representation of the information with
regard to the requirements of NBC TG 06/R3 (CVM Resolution 95/22) and to comply with the orientations of the CVM. The balances of right-of-use
assets, depreciation, lease liabilities and financial expenses without inflation, referred to as real flow, and the estimate of the balances
adjusted for inflation in the comparison period, referred to as inflation-adjusted flow, are presented.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Other assumptions, such as the timetable for the maturity of liabilities
and the interest rates used in the calculation, are presented in other items of these notes, while the inflation rates are observable
in the market, enabling the users of the individual and consolidated financial statements to determine the inflation-adjusted flows. The
Company used the Broad Consumer Price Index - IPCA (4.83% p.a.) to adjust the balance for inflation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 24%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 12%">Right-of-use assets</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 23%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 12%">Lease liabilities</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Real flow</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Real flow</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left">Right-of-use assets</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375,460</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,175,372</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left">Lease liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375,082</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,306,188</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Depreciation</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,933)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,126,010)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Financial expenses</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,227)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409,988)</TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 6pt Arial, sans-serif; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Inflation-adjusted flow</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Inflation-adjusted flow</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left">Right-of-use assets</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393,595</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,332,704</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left">Lease liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393,198</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,467,307</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Depreciation</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,703)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,158,972)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Financial expenses</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,286)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421,901)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-transform: uppercase; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

<!-- Field: Page; Sequence: 68; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-transform: uppercase; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">25.
<FONT STYLE="font-weight: normal">NOTES PAYABLE</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-bottom: rgb(0,111,192) 1.5pt solid">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; border-bottom: rgb(0,111,192) 1.5pt solid">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Notes payable for investments in Brazil<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257,262</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251,390</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Related parties<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;24,546,618</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;21,274,144</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,546</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,546</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,547</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,546</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font: 3pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: bold 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: bold 3pt Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;24,549,164</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;21,282,690</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259,809</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259,936</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Current liabilities</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,360</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,046</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,653</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,697</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;24,486,804</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;21,275,644</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,156</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,239</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP> The amount substantially refers to the acquisition
of all shares in Mogiana Alimentos S.A. (acquired by subsidiary BRF in February 2022, with maturity in 6 years).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(b)</SUP> The amount refers to loans with subsidiaries. A
breakdown of the balance can be found in Note 36 &ndash; Related-party transactions.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.
<FONT STYLE="text-transform: none">PROVISION FOR CONTINGENCIES</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.1.
Provision</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company is involved in several labor, tax and civil proceedings,
in the ordinary course of business, for which provisions based on legal advisors&rsquo; estimates have been set up.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main information about these proceedings is presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-bottom: rgb(0,111,192) 1.5pt solid">Parent</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; border-top: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; border-bottom: rgb(0,111,192) 1.5pt solid">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Labor and social security</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,027</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,266</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689,014</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588,192</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Tax</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,942</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,522</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,458,631</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,410,894</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Civil</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,090</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,337</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,244,066</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,182,733</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font: 3pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: bold 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: bold 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,059</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,125</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,391,711</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,181,819</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; color: gray">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; color: gray; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Current liabilities</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784,296</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720,187</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222,059</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,125</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,607,415</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,461,632</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following table shows the changes in provisions:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 25%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">Labor and&nbsp;social<BR>
security</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 8%">Tax</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 7%">Civil</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 9%">Total</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">Labor and&nbsp;social<BR>
security</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 8%">Tax</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 8%">Civil</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Balance at December 31, 2023</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">53,266</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">44,522</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">110,337</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">208,125</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">588,192</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">4,410,894</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">1,182,733</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">6,181,819</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Estimate accrued, net</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right">51,849</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right">23,690</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right">10,833</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right">86,372</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">366,752</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">1,168,415</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">84,802</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">1,619,969</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Payments</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(51,088)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(21,270)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(80)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(72,438)</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(289,925)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(120,678)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(25,505)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(436,108)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Translation gains (losses)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">18,253</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,589</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">19,842</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; text-align: left">Reclassification - held for sale</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">5,742</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">447</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">6,189</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle">Balance at December 31, 2024</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">54,027</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">46,942</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">121,090</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">222,059</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">689,014</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">5,458,631</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">1,244,066</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">7,391,711</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.1.1.
Labor and social security</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company is a defendant in labor claims filed by the Public
Prosecutor. In the opinion of Management and legal advisors, the provision is sufficient to cover probable losses. Most of the labor claims
filed against the Company refer to matters usually alleged in the segment, such as dismissal with cause, preparation time, breaks for
personnel who work in refrigerated environments, work accidents, commuting time, ergonomic hazard, among others.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s Management believes no individual labor claim
is relevant.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 69; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.1.2.
Tax</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Based on the opinion of its legal advisors, the Company revised
its estimate for unmaterialized tax risks in view of certain proceedings and legal discussions involving the Administrative Council of
Tax Appeals (CARF), in addition to decisions on matters under dispute.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main discussions refer to disallowances of ICMS arising from
the use of ICMS credits on materials for use and consumption, presumed ICMS credit, ICMS tax substitution, ICMS rate differential on seasoned
products, disallowance of PIS and COFINS credits on inputs, disallowance of estimated IRPJ/CSLL offset, lack of addition of profits abroad
in the calculation of tax and contribution on income, GILRAT and ICMS, and exclusion of ICMS from the PIS and COFINS calculation basis.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF is disputing in court the full offset of tax benefits
and social contribution tax loss carryforwards of the calendar year 2012, and for this purpose it recognized a provision in the amount
of R$ 977,277, which includes fines, interest and legal charges.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company, supported by its legal advisors, considered sufficient
the amounts recorded in provision for potential impacts in the event that such risks materialize.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.1.3.
Civil</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Based on the opinion of legal advisors, Management recognized a
provision for lawsuits considered as probable risk of loss. The civil lawsuits of the Company typically involve disputes related to commercial
agreements, indemnity claims, breach of contract claims, regulatory, environmental and real estate issues, consumer relations, business
combinations, among other matters. Additionally, the Company records an accrued amount substantially composed of the early termination
of the agreement for sponsorship of the Brazilian National Football Teams entered into with the Brazilian Football Confederation (CBF),
and reflects the adjustment of the existing risk for inflation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.2.
Contingent liabilities</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Contingent liabilities, whose likelihood of loss for the Company
was defined by its legal advisors as possible and, therefore, are not recognized in the financial statements according to NBC TG 25/R2
(CVM Resolution 72/22), are shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-bottom: rgb(0,111,192) 1.5pt solid">Parent</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; border-bottom: rgb(0,111,192) 1.5pt solid">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 12%">12/31/2023</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Labor and social security</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">80,399</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">77,977</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">356,683</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">316,307</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Tax</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">4,791,654</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,139,686</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">20,658,601</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">13,217,920</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Civil</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">92,461</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">61,625</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,622,056</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,586,457</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">4,964,514</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">1,279,288</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">22,637,340</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">15,120,684</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.2.1.
Labor and social security</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The labor and social security lawsuits in which the Company is
party typically involve issues usually alleged in the segment, such as dismissal with cause, preparation time, breaks for personnel who
work in refrigerated environments, work accidents, commuting time, ergonomic hazards and others.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.2.2.
Tax</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main tax matters discussed at court that in the opinion of
Management and legal advisors are rated as possible losses for the Company is presented below.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Federal taxes and contributions</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company was a party to administrative proceedings and court
claims filed by the Federal Government, claiming:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">No increase in taxable income and IRPJ/CSLL base for profits earned abroad, disallowance of goodwill amortization
and non-subjection to tax of interest from loan agreements in force with subsidiaries abroad;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Disallowance of PIS/COFINS credits for calendar year 2014 used for the offset of taxes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Disallowance of PIS/COFINS credits of inspection for the 2015/2019 period used for the offset of taxes;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 70; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">d)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Payment of IOF for calendar year 2016 related to checking account agreements
executed among the companies of the group;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">e)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Disallowances of PIS and COFINS credits resulting from the non-cumulative
system due to differences in the concept of disallowed inputs and their use in the production process, as well as the requirement to tax
income relating to presumed ICMS credits, differences relating to tax classification, extemporaneous credits and others;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">f)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Subsidiary BRF was assessed by the Brazilian Federal Revenue Service for
alleged failure to pay Income and Social Contribution Taxes on profits earned by its subsidiaries abroad. The defenses are supported by
the fact that the subsidiaries abroad are exclusively subject to full taxation in the countries in which they are headquartered as a result
of treaties to avoid double taxation;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">g)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Non-approval of offsets of presumed IPI credits arising from the acquisition
of non-taxed products and intermediate materials;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">h)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Collection of social security contributions on payroll, profit sharing,
GILRAT for financing special retirement, SAT/RAT, as well as other amounts of various natures; and</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">i)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Customs fine on imports, alleged lack of proof of drawback and disallowance
of REINTEGRA credit.</font></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has other federal tax debts, whose collection
suits are individually immaterial.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>State VAT - ICMS</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are administrative and judicial proceedings,
requiring:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">a)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Tax deficiency notices discussing the collection of ICMS in the state of
Goi&aacute;s related to the disallowance of ICMS credits due to noncompliance with accessory obligations, error in the basis for calculation
of the value due in ICMS taxes, failure to return credits granted after goods were returned, failure to return ICMS credits on the acquisition
of inputs/goods proportionally to disbursements, failure to substantiate exports of goods abroad;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">b)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Disallowance by the States of destination of the goods, of the ICMS credit
arising from tax incentives granted by the States of origin unilaterally, without approval of an agreement by the National Council of
Fiscal Policy (&ldquo;CONFAZ&rdquo;), the so-called &ldquo;tax war&rdquo;; non-proof of export; infraction notices from the state of Rio
de Janeiro for the period from 2014 to 2018, due to alleged non-compliance with the Term of Agreement that provided for a tax benefit;
public-interest civil action in Rio de Janeiro regarding the use of tax benefit; and ICMS tax assessment notice in Goi&aacute;s referring
to the exclusion of the credit reversal from the PROTEGE calculation basis; among other lawsuits. The reductions in contingencies related
to the tax war are due to the recognition of credits by the States, according to LC 160 and ICMS Agreement 190; and</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 10pt">c)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Alleged differences in tax substitution regime; disallowance of presumed
ICMS credit arising from tax benefits provided for in PRODEPE due to alleged non-compliance with accessory obligations; disallowance of
presumed credit on transfers as the Tax Authorities understand that the PRODEIC benefit only applies to sales transactions; disallowance
of ICMS credit on transfers of goods intended for commercialization on the grounds that the calculation basis used would have been higher
than the production cost defined in complementary law 87/96 (art.&nbsp;13, paragraph 4); and disallowance of ICMS credit on intermediate
materials that the Tax Authorities classified as for use and consumption.</font></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is a party to administrative proceedings
and lawsuits, whose collection suits are individually immaterial.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Municipal taxes</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is involved in a lawsuit which claims the
collection of municipal taxes, such as alleged differences in Property tax (IPTU), fees and ISSQN (Services tax).</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 9.5pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-size: 10pt">26.2.3.
Civil</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The civil lawsuits of the Company and its subsidiaries
typically involve litigations related to business agreements and others refer mainly to disputes arising from allegations of contractual
breach and non-compliance with legal obligations of various natures, such as disputes arising from contracts in general, disputes relating
to intellectual property, regulatory, environmental and real estate issues, consumer relations, among other matters.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">26.3.
Additional information</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Repurchase of McKey Korea LLC</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The lawsuit related to the repurchase order of McKey
Korea LLC (Korean company owned by Keystone Foods) by the Company was in the final judgment phase. The parties, in common agreement and
aiming to consensually resolve the dispute, decided to enter into a court settlement, through which Tyson Foods withdrew and ended the
lawsuit. The Company, duly supported by its legal advisors, had already recorded a provision for this matter.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>National Beef business</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Five class actions and thirty-one individual plaintiff
actions were filed in the United States, and two class actions in Canada, claiming that the Company and/or its subsidiary, National Beef,
with other companies in the industry, allegedly colluded to control cattle and meat prices. In all the actions, the court issued decisions
that excluded the Company as a defendant and maintained National Beef. National Beef was also notified of a civil investigation by the
US Department of Justice and approximately thirty state attorneys regarding the purchase of fed cattle and sale of beef. National Beef
responded to federal and state requests for information and cooperated with investigations. National Beef is also a defendant in a class
action filed in the United States claiming that a group of protein companies allegedly conspired to reduce and fix the wages and benefits
paid. National Beef has sound defenses against all claims, but has recorded a provision for the related amounts and has been negotiating
a possible settlement related to the claim involving salaries and benefits, which has received a preliminary approval from the court.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.
<font style="text-transform: none">EQUITY</font></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Equity was broken down as follows:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td style="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 0.05in; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left; width: 61%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: center; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note</font></td>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/31/2024</font></td>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0.05in; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/31/2023</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-left: 0.05in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share
    capital</font></td>
    <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.1.</font></td>
    <td style="font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,367,391&nbsp;</font></td>
    <td style="padding-right: 0.05in; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,367,391&nbsp;</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-left: 0.05in; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    reserves and treasury shares</font></td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.2.</font></td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,141,436)</font></td>
    <td style="padding-right: 0.05in; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(515,881)</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-left: 0.05in; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal
    reserve</font></td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.3.</font></td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">624,664&nbsp;</font></td>
    <td style="padding-right: 0.05in; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">484,848&nbsp;</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-left: 0.05in; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax
    incentive reserve</font></td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.4.</font></td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">964,286&nbsp;</font></td>
    <td style="padding-right: 0.05in; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229,403&nbsp;</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-left: 0.05in; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    reserve</font></td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.5.</font></td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,637,330&nbsp;</font></td>
    <td style="padding-right: 0.05in; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,927,390&nbsp;</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-bottom: 3pt; padding-left: 0.05in; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    comprehensive income</font></td>
    <td style="padding-bottom: 3pt; border-bottom: #E7E6E6 0.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.6.</font></td>
    <td style="padding-bottom: 3pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,628,091)</font></td>
    <td style="padding-bottom: 3pt; padding-right: 0.05in; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,861,827)</font></td></tr>
  <tr style="vertical-align: middle">
    <td style="padding-top: 2pt; padding-left: 0.05in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="padding-top: 2pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="padding-top: 2pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824,144&nbsp;</font></td>
    <td style="padding-top: 2pt; padding-right: 0.05in; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,631,324</font>&nbsp;</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.1.
Share capital</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subscribed and paid-in share capital was R$ 10,367,391,
comprising 886,000,000 and 932,000,000 common shares in 2024 and 2023, respectively, with no par value.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2024, 597,163,480 shares, or 67.40% of the Company&rsquo;s
capital, was held by the controlling shareholders: Marcos Antonio Molina dos Santos, Marcia Aparecida Pascoal Mar&ccedil;al dos Santos
and companies in which they are partners (company controlled by Marcos and Marcia, each with a 50% equity interest), the free float was
283,429,817 shares or 31.99%, of which 3,769,575 shares or 0.43% of the Company&rsquo;s capital were held in treasury, and 1,637,128 shares
or 0.18% are held by its Board of Directors (BD), Audit Board (AB) and Executive Board (EB).</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 72; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below we demonstrate the calculation of the &ldquo;free
float&rdquo;, in accordance with CVM Resolution 80/2022:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left; width: 68%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; width: 1%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 15%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: center; width: 1%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 15%">Share capital</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left">Common shares</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right">Balance at<BR>
 December 31, 2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; text-align: right">Balance at <BR>
December 31, 2023</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="text-align: left">Controlling shareholders</td>
    <TD>&nbsp;</td>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">597,163,480</td>
    <TD STYLE="text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="text-align: right; border-top-color: #0070C0; border-top-width: 1pt">597,163,480</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; border-top-color: #E7E6E6; border-top-width: 0.5pt">Total controlling shareholders</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">597,163,480</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">597,163,480</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Treasury shares</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">3,769,575</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">2,867,443</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Shares held by BD, AB and EB</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">1,637,128</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">1,267,481</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-style: italic; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font: normal 400 9pt Arial, Helvetica, Sans-Serif">Free float</font></td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">283,429,817</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">330,701,596</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">288,836,520</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">334,836,520</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold">Number of shares</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">886,000,000</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">932,000,000</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total share capital (R$ &rsquo;000)</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">10,367,391</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">10,367,391</td></tr>
  </table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.2.
Capital reserves and treasury shares</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balances of the capital reserves and treasury shares
were broken down as follows:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left; width: 46%">Capital reserves and treasury shares</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 15%">Balance at<br>
 December 31, 2023</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 12%">Translation gains (losses)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 12%">(Acquisition)<br>
 / disposal</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 15%">Balance at<br>
 December 31, 2024</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">Capital reserve</td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Gain on capital transactions - BRF</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">2,013,747&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">27,909&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">2,041,656&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Gain on capital transactions - PlantPlus Brasil</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">49&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">49&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Treasury shares - BRF</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(639,521)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(639,521)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Share-based payment - BRF</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(19,403)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(19,403)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Goodwill on capital transactions - National Beef</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(1,552,763)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(433,432)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(1,986,195)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Goodwill on capital transactions - Tacuaremb&oacute;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(158)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(158)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Goodwill on stock option</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(18,710)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(187)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(18,897)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Common shares</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">184,800&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">184,800&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <td style="font-size: 1pt">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td>&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">626,916&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(433,432)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(631,153)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(437,669)</td></tr>
  <tr>
    <td style="font-weight: bold; vertical-align: middle">Treasury shares</td>
    <td style="vertical-align: middle">&nbsp;</td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td>
    <td style="font: bold 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">Treasury shares</td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">(1,142,797)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">-&nbsp;</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(560,970)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(1,703,767)</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <td style="font-size: 1pt">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td>&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">(1,142,797)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">-&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(560,970)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(1,703,767)</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <td style="font-size: 3pt">&nbsp;</td>
    <td style="font-size: 3pt; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-weight: bold">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; text-align: right">(515,881)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(433,432)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(1,192,123)</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; text-align: right">(2,141,436)</td></tr>
  </table>
<p style="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Capital reserve</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The capital reserves reflect the contributions made
by shareholders that are directly related to the formation or increase of the capital stock, the changes in the relative interest of the
parent in subsidiaries that do not result in the obtainment or loss of control, as well as gains and/or goodwill on capital transactions.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Treasury shares</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company held 3,769,575 common shares in treasury,
which were booked at the amount of R$ 64,620, which corresponds to the average cost of R$ 17.14 per share.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Treasury shares amounted to R$ 1,703,767, of which
R$ 1,639,147 refers to treasury shares canceled.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<!-- Field: Page; Sequence: 73; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in treasury shares in the year are shown below:</p>

<p style="text-indent: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left; width: 66%">Held in treasury</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 17%">Number of shares</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 17%">Amount (R$ &rsquo;000)</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-weight: bold; text-align: left">Balance at December 31, 2023</td>
    <td style="text-align: right; border-top-color: #0070C0; border-top-width: 1pt">2,867,443&nbsp;</td>
    <td style="text-align: right; border-top-color: #0070C0; border-top-width: 1pt">23,277&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">(+) Acquisition - share buyback program</td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">48,204,550&nbsp;</td>
    <td style="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">575,998&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">(-) Cancellation of treasury shares</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(46,000,000)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(519,627)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">(-) Disposal - Stock options</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(1,302,418)</td>
    <td style="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">(15,028)</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <td style="font-size: 1pt">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1pt solid; font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1pt solid; font-size: 1pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="font-weight: bold">Balance at December 31, 2024</td>
    <td style="border-bottom: #0070C0 2pt double; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">3,769,575&nbsp;</td>
    <td style="border-bottom: #0070C0 2pt double; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">64,620&nbsp;</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Share buyback program</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 21, 2023, the Board of Directors approved
a new Share Buyback Plan (&ldquo;Share Buyback Plan&rdquo;) for up to 31,000,000 registered, book-entry common shares with no par value.
The maximum period for effecting the purchase transactions is 18 months, starting on November 21, 2023, which ended on August 14, 2024.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 14, 2024, the Board of Directors approved
a new Share Buyback Plan (&ldquo;Share Buyback Plan&rdquo;) for up to 25,000,000 registered, book-entry common shares with no par value.
The maximum period for effecting the purchase transactions is 18 months, starting on August 15, 2024, which ended on October 8, 2024.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 13, 2024, the Board of Directors approved
the new Share Buyback Plan (&ldquo;Share Buyback Plan&rdquo;), in accordance with the following terms and conditions (in compliance with
Appendix G of CVM Resolution 80/22), authorizing the Company to acquire up to 27,827,806 common shares, corresponding to 3.14% of the
total shares issued by the Company and 9.72% of the outstanding shares.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2024, the Company repurchased 48,204,550 shares
for R$ 575,998 referring to the three aforementioned Share Buyback Programs.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Cancellation of treasury shares</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 14, 2024, the Company&rsquo;s Board of Directors
approved the cancellation of 26,000,000 common shares, with no par value, issued by the Company and held in treasury on that date, without
a reduction in the share capital. With the approval of the share cancellation, the Company&rsquo;s share capital comprises 906,000,000 registered,
book-entry common shares with no par value. Thus, Article 5 of the Company&rsquo;s Bylaws, which deals with the Company&rsquo;s share
capital, should be adjusted at the General Shareholders Meeting to be timely convened.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 13, 2024, the Company informed its shareholders
and the market that, at a meeting of the Board of Directors held on that date, the cancellation of 20,000,000 common shares, without par
value, issued by the Company and held in treasury was approved, without reducing the share capital. As a result of the cancellation of
treasury shares, the Company&rsquo;s share capital is now comprised of 886,000,000 common shares, all registered, book-entry, and with no par
value. Article 5 of the Company&rsquo;s Bylaws will be amended accordingly to reflect this cancellation at a General Meeting to be convened
in due course.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Share buyback program of subsidiary BRF</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 7, 2023, subsidiary BRF&rsquo;s Board of Directors
approved the creation of a program for acquisition of shares of its own issue up to a limit of 14,000,000 common shares, within a maximum
period of 18 months (&ldquo;Program&rdquo;), which was completed on April 4, 2024.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On May 7, 2024, subsidiary BRF&rsquo;s Board of Directors
approved the creation of a new program for acquisition of shares of its own issue up to a limit of 14,000,000 common shares, within a
maximum period of 18 months (&ldquo;Program&nbsp;II&rdquo;).</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On August 14, 2024, subsidiary BRF&rsquo;s Board of
Directors authorized the acquisition of up to 17,000,000 shares in addition to the shares already repurchased by the Company, maintaining
the conditions of Program II unchanged.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 13, 2024, subsidiary BRF&rsquo;s Board
of Directors authorized the acquisition of up to 30,000,000 shares in addition to the shares already repurchased by subsidiary BRF, maintaining
the conditions of the Program unchanged.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 74; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2024, subsidiary BRF repurchased 59,835,200 shares
for R$ 1,288,242 referring to Program I and Program II.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.3.
Legal reserve</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is 5% (five percent) of the Company&rsquo;s net
income, as defined in its bylaws and current corporate legislation. The balance of the legal reserve in 2024 and 2023 was R$ 624,664 and
R$ 484,848, respectively.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.4.
Tax incentive reserve</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company benefits from state governments subsidies
related to ICMS (State VAT) as follows: Program for Industrial and Commercial Development of the state of Mato Grosso (&ldquo;PRODEIC&rdquo;)
and Tax Incentive Program for Industries (LC 93/2001 - MS), such incentives are directly associated to the investment in manufacturing
facilities, job generation, economic and social development, and to the harmonious and integrated growth of industrial operations.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Due to the sale of the Company&rsquo;s assets to Minerva,
the subsidies in the states of Rio Grande do Sul and Rond&ocirc;nia, the State Program for Development, Coordination and Quality of the
Agribusiness System of Cattle, Sheep and Buffalo (Agregar-RS Carnes) and the Program for Regional Development of the State Council (CONDER-RO),
are no longer a tax incentive for the Company. Incentives recorded in the tax incentive reserve remain in this account, as the Company
obtained the benefits up to the date of transfer of the assets.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The tax incentive reserve may only be used to: (i)
absorption of losses, provided that all other earnings reserves have already been fully absorbed, except for the legal reserve; or (ii)
capital increases.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of the tax incentive reserve in 2024 and
2023 was R$ 964,286 and R$ 229,403, respectively.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.5.
Earnings reserve</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of the earnings reserve in 2024 and 2023
was R$ 2,637,330 and R$ 2,927,390, respectively.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.6.
Other comprehensive income</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This account recognizes, before being recorded in the
statement of income for the fiscal year, translation gains (losses) resulting from the translation of financial statements of subsidiaries
abroad, whose functional currency differs from that of the Company, the corresponding entries of increases or decreases in the amount
attributed to asset and liability items arising from their adjustment to market price on investments in subsidiaries directly and indirectly
held by the Company, gains or losses on net investment hedge, actuarial gains or losses on pension plans and post-employment benefits.
This account also recognized the effects from the adoption of deemed cost and the foreign exchange differences on the translation of loan
operations.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Such accumulated effect will be transferred to the
statement of income for the fiscal year either as gain or loss only upon the disposal or write-off of the investment.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 75; Value: 45 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of other comprehensive income was broken
down as follows:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left; width: 50%">Other comprehensive income</td>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 9%">Balance at<br>
 December&nbsp;31, <br>
2023</td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 9%">Effect&nbsp;from<br>
 exchange<br>
 variation</td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 9%">Recognition/<br>
 Realization</td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 9%">Amounts in<br>
 liabilities&nbsp;related<br>
 to assets held for<br>
 sale</td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 9%">Balance at<br>
 December&nbsp;31,<br>
 2024</td>
    <TD STYLE="font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; border-top: rgb(0,111,192) 1pt solid; width: 1%">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">Exchange variation on net investments and balance sheet conversion</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">2,092,178&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">   2,237,344</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">            -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">          92,695&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">        4,422,217&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Exchange variation on loan</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">       (8,814,282</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"> (5,314,733</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">            -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">      (14,129,015</td>
    <TD STYLE="font-weight: bold">)</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Exchange variation on goodwill</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">        555,730&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">     476,477</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">            -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"> 142,419&nbsp; </td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">        1,174,626&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400">Deemed cost</font></td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">           64,680&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">      11,240&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">         (15,492</td>
    <TD>)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">           60,428&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Losses on net investment hedge</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          (61,043)</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">    (170,967</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">         (232,010</td>
    <TD STYLE="font-weight: bold">)</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Gains (losses) on interest hedge</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">            2,741&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">    (894,280</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          (1,141</td>
    <TD>)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">         (892,680</td>
    <TD STYLE="font-weight: bold">)</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Actuarial gains (losses) on pension plans and post-employment benefits</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">            2,313&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">    (10,476)</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">           (8,163</td>
    <TD STYLE="font-weight: bold">)</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Losses on realization of investments at FVOCI</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">               -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">    (23,494</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          (23,494</td>
    <TD STYLE="font-weight: bold">)</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Share-based payment in subsidiary BRF</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">           (2,832</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">      2,832&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Treasury shares in subsidiary BRF</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">           10,365&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">    (10,365</td>
    <TD>)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Tax incentive reserve</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">        288,323&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">          -</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">            -&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">        (288,323)</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              -&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</TD></tr>
  <tr style="vertical-align: middle">
    <TD>&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">       (5,861,827</td>
    <TD STYLE="font-weight: bold">)</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"> (2,600,912</td>
    <TD STYLE="font-weight: bold">)</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"> (1,095,510</td>
    <TD STYLE="font-weight: bold">)</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">         (69,842</td>
    <TD STYLE="font-weight: bold">)</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">       (9,628,091</td>
    <TD STYLE="font-weight: bold">)</TD></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">27.7.
Shareholder compensation</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When proposed by the Company, shareholder compensation
is paid in the form of dividends and/or interest on equity based on the limits set by law and by the Company&rsquo;s Bylaws.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 13, 2024, the Company informed its shareholders
and the market that on that date the Board of Directors approved the declaration of interim dividends in the amount of R$ 2,500,000, paid
on December 26, 2024 based on the earnings reserve recorded in the balance sheet as at September 30, 2024, to be attributed to the mandatory
dividend for 2024.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 12, 2024, following the announcement to
shareholders made on November 13, 2024, the Company informed that the final amount of dividends per common share issued by the Company
corresponded to R$ 2.833731.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to its bylaws, the Company is allowed to
prepare balance sheets for six-month periods or shorter periods. Observing the conditions established by law, the Board of Directors may:
(a) decide to distribute dividends against the profit account determined in the semiannual balance sheet or for shorter periods ad referendum
the Shareholders Meeting; and (b) declare interim dividends against the earnings reserves account existing as of the last annual or semiannual
balance sheet.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below is the statement of dividends paid for the year
2024:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td colspan="2" style="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">Dividends</td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; width: 88%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; width: 12%">12/31/2024</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Net income for 2024</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right">2,795,401&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Deemed cost</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">915&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income after deemed cost</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">2,796,316&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">(-) Legal reserve - 5 %</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right">(139,816)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">(-) Tax incentive reserve</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(446,560)</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Adjusted net income for dividend purposes</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">2,209,940&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Mandatory dividends payable - 25%</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right">552,485&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Additional dividends paid</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,947,515&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">2024 dividends</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">2,500,000&nbsp;</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 76; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.
NET SALES REVENUE</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 51%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; width: 12%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; width: 12%">Parent</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">Consolidated</td></tr>
  <tr style="font-size: 1pt">
    <TD STYLE="font-size: 1pt; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">YTD</td>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right">YTD</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">YTD</td>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">YTD</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">2023</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; background-color: #F2F2F2">2023</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Revenue from sales of products - domestic market</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Third parties</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">4,925,793&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">3,949,142&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">108,056,348&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">97,233,472&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Related parties</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">605,699&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">459,930&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">13,542&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">10,323&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">5,531,492&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; vertical-align: bottom; text-align: right">4,409,072&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">108,069,890&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">97,243,795&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">Revenue from sales of products - foreign market</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Third parties</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">432,754&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">126,430&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">50,483,690&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">43,782,755&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Related parties</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5,473,838&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">4,690,635&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,063&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,215&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
   <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">5,906,592&nbsp;</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">4,817,065&nbsp;</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">50,484,753&nbsp;</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">43,783,970&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">Gross operating revenue</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">11,438,084&nbsp;</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right">9,226,137&nbsp;</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 2pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">158,554,643&nbsp;</td>
<TD STYLE="border-bottom: rgb(0,112,192) 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">141,027,765&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left">Deductions from gross sales</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Taxes on sales</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(225,814)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(232,602)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,610,160)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,001,563)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Returns and discounts</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(421,111)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(311,455)</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(4,083,524)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(3,808,192)</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="padding-bottom: 4pt; vertical-align: middle">&nbsp;</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(646,925)</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(544,057)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(9,693,684)</td>
<TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(8,809,755)</td></tr>
  <tr style="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 3pt; border-top-color: #0070C0; border-top-width: 2pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 0.5pt; font-size: 3pt; border-top-color: #0070C0; border-top-width: 2pt; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">Net sales revenue</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">10,791,159&nbsp;</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right">8,682,080&nbsp;</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">148,860,959&nbsp;</td>
    <TD STYLE="border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">132,218,010&nbsp;</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.
COST AND EXPENSES BY NATURE</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has chosen to present the statement of
income by function and presents below expenses by nature:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 51%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-size: 1pt; width: 12%">&nbsp;</td></tr>
  <tr>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #00A000; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #00A000; font-weight: bold; vertical-align: middle; text-align: right">Parent</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="color: #00A000; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="color: #00A000; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</td></tr>
  <tr style="font-size: 1pt">
    <TD STYLE="font-size: 1pt; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">YTD</td>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right">YTD</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">YTD</td>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">YTD</td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: middle; text-align: right">2023</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: middle; text-align: right; background-color: #F2F2F2">2023</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cost of products and goods sold</td>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Inventory costs</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(7,779,184)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(6,321,628)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(111,692,533)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(103,108,949)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Depreciation and amortization</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(124,333)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(148,695)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(6,020,514)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,648,708)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Employee salaries and benefits</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(516,578)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(367,716)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(11,457,242)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(10,082,883)</td></tr>
  <tr style="font-size: 1pt">
    <TD STYLE="font-size: 1pt; vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(8,420,095)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right">(6,838,039)</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(129,170,289)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(118,840,540)</td></tr>
  <tr style="vertical-align: bottom">
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="color: gray; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left">Selling expenses</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Depreciation and amortization</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,722)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,189)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(554,669)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(684,907)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Employee salaries and benefits</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(62,360)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(63,876)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(2,294,185)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,988,808)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Freight</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(360,429)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(275,527)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,552,281)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,433,014)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Export expenses</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(96,019)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(58,286)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(819,515)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(715,414)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Marketing</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(42,151)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(40,232)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,271,888)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,060,953)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(25,885)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(28,908)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(742,829)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(547,980)</td></tr>
  <tr style="font-size: 1pt">
    <TD STYLE="font-size: 1pt; vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(588,566)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right">(468,018)</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(11,235,367)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(10,431,076)</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font: 1pt Calibri, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 1pt Calibri, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 1pt Calibri, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 1pt Calibri, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left">General and administrative expenses</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Depreciation and amortization</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(53,336)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(21,852)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(622,321)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(406,617)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Employee salaries and benefits</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(38,648)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(125,335)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(895,293)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(795,557)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Third-party services</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(143,149)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(115,775)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(577,140)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(467,121)</td></tr>
  <tr>
    <TD STYLE="padding-left: 0.125in; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(26,554)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(20,163)</td>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(123,673)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(297,210)</td></tr>
  <tr style="font-size: 1pt">
    <TD STYLE="font-size: 1pt; vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right">(261,687)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right">(283,125)</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(2,218,427)</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(1,966,505)</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<!-- Field: Page; Sequence: 77; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.
<font style="text-transform: none">NET FINANCIAL RESULT</font></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s financial income (expenses) is
as follows:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">Parent</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</td></tr>
  <tr style="font-size: 1pt">
    <TD STYLE="font-size: 1pt; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; width: 51%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; text-align: right; width: 12%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; text-align: right; width: 12%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #002060; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">&nbsp;</td></tr>
  <tr>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">YTD</td>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right">YTD</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">YTD</td>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">YTD</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right">2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right">2023</td>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">2024</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; background-color: #F2F2F2">2023</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Interest received, earnings from financial investments</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">   164,399&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">    121,058&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">  1,490,362&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">  1,474,471&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Interest accrued, debentures and lease with financial institutions</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,735,394)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  (1,402,880)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,668,976)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,398,619)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Inflation adjustments, bank expenses, amortizations, costs on debt and other</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,329,264)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  (496,198)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,066,918)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> (502,603)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Translation gains and losses</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   352,651&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    149,374&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> (286,627)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,175,664)</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: #F2F2F2; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: #F2F2F2; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">(2,547,608)</td>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  (1,628,646)</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(5,532,159)</td>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(5,602,415)</td></tr>
  <tr style="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left">Financial income</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Third parties</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  3,894,988&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 2,198,206&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 12,654,204&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 11,521,121&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Related parties</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   334,437&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    404,199&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      -&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      -&nbsp;</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  4,229,425&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"> 2,602,405&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"> 12,654,204&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"> 11,521,121&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 1pt; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left">Financial expenses</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Third parties</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(5,874,231)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  (3,554,628)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(18,186,363)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;(17,123,536)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Related parties</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> (902,802)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  (676,423)</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      -&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      -&nbsp;</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">(6,777,033)</td>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  (4,231,051)</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(18,186,363)</td>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;(17,123,536)</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">(2,547,608)</td>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  (1,628,646)</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(5,532,159)</td>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(5,602,415)</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.
<font style="text-transform: none">EARNINGS (LOSS) PER SHARE</font></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table shows the calculation of basic
and diluted earnings (loss) per share for 2024 and 2023:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: left; width: 76%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: right; width: 12%">12/31/2024</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; text-align: center; width: 1%">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; text-align: right; width: 12%">12/31/2023</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="text-align: left">Income (loss) attributable to shareholders</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">           1,710,635&nbsp;</td>
    <TD STYLE="text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">         (1,348,386)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">Income (loss) attributable to shareholders from discontinued operations</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">           1,084,766&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">            (169,390)</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold">Income (loss) attributable to shareholders from the Company</td>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">           2,795,401&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">         (1,517,776)</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Common shares</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">         886,000,000&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">         960,000,000&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">Weighted average number of outstanding shares (units)</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">         903,508,624&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">         641,427,502&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt; color: #021F59; text-align: left">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #021F59; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #021F59; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center">&nbsp;</td>
    <TD STYLE="font-size: 1pt; color: #021F59; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid">Basic and diluted earnings (loss) (in R$)</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">              1.8933&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">             (2.1022)</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">Basic and diluted earnings (loss) (in R$) from discontinued operations</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">              1.2006&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">             (0.2641)</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="font-weight: bold">Earnings or losses attributable to shareholders from the Company</td>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">              3.0939&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">             (2.3663)</td></tr>
  </table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 11pt Trebuchet MS Negrito; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.
<font style="text-transform: none">FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</font></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">32.1.
Overview</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In its activities, the Company is subject to market
risks related to exchange rate gains (losses), variable income, interest rate and commodities price fluctuations. In order to minimize
these risks, the Company has policies and procedures to minimize these exposures and may use hedging instruments, as long as previously
approved by the Board of Directors.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Among the Company&rsquo;s guidelines we highlight:
monitoring levels of exposure to each market risk; measuring these risks; setting limits for making decisions and using hedging mechanisms,
always aiming at minimizing the foreign exchange exposure of its debts, cash flows and interest rates.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company shall be represented exclusively by its
Officers and Attorney-in-Fact, observing the limitations provided in the Bylaws, and subject to approval of the Board of Directors for
acts and transactions in amounts exceeding such limit.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 78; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company only enters into transactions with derivatives
or similar instruments that offer a maximum protection against: foreign currencies, interest rates and commodity prices, and also adopts
a conservative policy of not entering into transactions that could affect its financial position. The Company does not enter into leveraged
transactions with derivatives or similar instruments.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company also has a sound financial policy, maintaining
a high level of cash balance, cash equivalents and short-term investments. At the same time, the maturity of the Company&rsquo;s long-term
indebtedness is distributed in such way that it is not concentrated in any single year.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Assets and liabilities presented in the balance sheet
relating to derivative transactions, which are intended for equity hedge, are shown below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td style="border-top: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <td colspan="2" style="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right">Parent</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</td></tr>
  <tr>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; width: 59%">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 10%">12/31/2024</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 10%">12/31/2023</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 10%">12/31/2024</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 10%">12/31/2023</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Derivative financial instruments - receivable</td>
    <td style="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">    8,641&#8239;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">     99,677&nbsp;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">    336,551&nbsp;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">    752,772&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Derivative financial instruments - payable</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  (1,243,238)</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   (62,714)</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  (1,866,472)</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  (215,690)</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments - assets and liabilities held for sale <sup>(a)</sup></font></td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        -&#8239;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     26,438&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">        -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     26,438&nbsp;</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <td style="font-size: 1pt">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td>&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; border-bottom: rgb(0,112,192) 2.5pt double; text-align: right">  (1,234,597)</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,112,192) 2.5pt double; text-align: right">     63,401&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 2.5pt double; border-top: rgb(0,112,192) 0.5pt solid; text-align: right">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; border-bottom: rgb(0,112,192) 2.5pt double; text-align: right; background-color: #F2F2F2">  (1,529,921)</td>
    <td style="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,112,192) 2.5pt double; text-align: right; background-color: #F2F2F2">    563,520&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><sup>(a)</sup></td><td style="text-align: justify">See Note 12 - Assets and liabilities held for sale and discontinued
operations</td>
</tr></table>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">32.2.
Financial instruments by category</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s financial assets and liabilities
are classified as below:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</td>
    <td colspan="3" style="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="3" style="border-top: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">Parent</td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: left; width: 48%">Financial assets</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: left; width: 1%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; width: 12%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; width: 12%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; width: 12%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; width: 12%">Fair&nbsp;value&nbsp;through</td></tr>
  <tr>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</td>
    <td colspan="3" style="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">Amortized cost</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td colspan="3" style="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">profit or loss and OCI</td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">12/31/2023</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">12/31/2023</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cash and cash equivalents</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">    732,320</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"> 1,940,237</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">       -</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">       -</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 5,717,946</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 2,087,328</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 9,153,215</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 2,477,851</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.3pt; font-style: normal; font-weight: 400"><sup>(a)</sup></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      8,641</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     99,677</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes receivable - related parties</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 3,539,815</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 8,727,233</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: left">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  19,143,296</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  15,232,649</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">      8,641</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">     99,677</td></tr>
  <tr style="vertical-align: bottom">
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="text-align: left; color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td>
    <TD STYLE="color: gray">&nbsp;</td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: left">Financial liabilities</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">Fair value through</td></tr>
  <tr>
    <TD STYLE="padding-bottom: 1pt; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</td>
    <td colspan="3" style="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">Amortized cost</td>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td colspan="3" style="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">profit or loss and OCI</td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">12/31/2023</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">12/31/2024</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right">12/31/2023</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Trade accounts payable</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"> 1,801,269</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"> 1,129,622</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">       -</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">       -</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans, financing and debentures</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  21,253,858</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  12,394,670</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Leases payable</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    373,855</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     17,990</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.3pt; font-style: normal; font-weight: 400"><sup>(a)</sup></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"> 1,243,238</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     62,714</td></tr>
  <tr style="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable - related parties</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  24,546,618</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">  21,274,144</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       -</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="vertical-align: middle">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  47,975,600</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">  34,816,426</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"> 1,243,238</td>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">     62,714</td></tr>
  </table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><sup>(a)</sup></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">All derivatives are classified at fair value through profit
or loss. However, those designated as hedge accounting instruments also have their effects on Other Comprehensive Income in Equity.</td>
</tr></table>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 79; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: middle">
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="3" style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</td>
    <td colspan="3" style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</td></tr>
  <tr>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: left; width: 52%">Financial assets</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">Fair&nbsp;value&nbsp;through</td></tr>
  <tr>
    <td style="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td colspan="3" style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">Amortized cost</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td colspan="3" style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">profit or loss and OCI</td></tr>
  <tr>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2023</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2023</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cash and cash equivalents</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"> 4,516,687</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"> 6,460,212</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">       -</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">       -</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  17,452,129</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  15,738,139</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    874,510</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 9,198,434</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 7,219,543</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.3pt; font-style: normal; font-weight: 400"><sup>(a)</sup></font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    336,551</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    752,772</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes receivable - related parties</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     26,601</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     31,932</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td></tr>
  <tr style="font-size: 3pt; vertical-align: middle">
    <td style="font-size: 3pt">&nbsp;</td>
    <td style="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: middle">&nbsp;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">  31,193,851</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">  29,449,826</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"> 1,211,061</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">    752,772</td></tr>
  <tr style="vertical-align: bottom">
    <td style="color: gray">&nbsp;</td>
    <td style="color: gray">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td>
    <td style="color: gray; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: left">Financial liabilities</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">Fair value through</td></tr>
  <tr>
    <td style="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td colspan="3" style="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">Amortized cost</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td colspan="3" style="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">profit or loss and OCI</td></tr>
  <tr>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2023</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2023</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Trade accounts payable</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">  20,273,612</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">  16,707,402</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">       -</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">       -</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans, financing and debentures</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  61,123,631</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  51,585,592</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Leases payable</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 4,896,200</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 4,238,561</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.3pt; font-style: normal; font-weight: 400"><sup>(a)</sup></font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> 1,866,472</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    215,690</td></tr>
  <tr style="vertical-align: middle">
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable - investments Brazil</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    257,262</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    251,390</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       -</td></tr>
  <tr style="font-size: 1pt; vertical-align: middle">
    <td style="font-size: 1pt">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-size: 1pt; text-align: right; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: middle">&nbsp;</td>
    <td style="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">  86,550,705</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">  72,782,945</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"> 1,866,472</td>
    <td style="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">    215,690</td></tr>
  </table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><sup>(a)</sup></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">All derivatives are classified at fair value through profit
or loss. However, those designated as hedge accounting instruments also have their effects on Other Comprehensive Income in Equity or
in Inventories.</td>
</tr></table>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Details of the accounting policies and methods used
(including criteria for recognition, measurement bases and criteria for recognition of gains and losses) for each class of financial instruments
and equity are presented in Note&nbsp;3.1.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><b>&nbsp;</b></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">32.3.
Fair value of financial instruments</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The method used by the Company to determine market
value consists in calculating the future value based on contracted conditions and determining the present value based on market curves
obtained from Bloomberg&rsquo;s database, except for futures market derivatives whose fair values are calculated based on the daily adjustments
of variations in market prices of commodities and futures exchanges acting as counterpart.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">According to NBC TG 40/R3 (CVM Resolution 121/22),
the Company classifies the measurement of fair value according to hierarchical levels which reflect the importance of indices used in
such measurement, as follows:</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><b>Level 1: </b>Prices quoted in (non-adjusted)
active market for identical assets and liabilities.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><b>Level 2</b>: Other available information,
except those of Level 1, where quoted prices relate to similar assets and liabilities, whether directly, by obtaining prices in active
markets, or indirectly, such as valuation techniques using active market data.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><b>Level 3: </b>Indices used for the calculation
do not derive from an active market. The Company does not have instruments at this measurement level.</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt; text-align: justify">Currently, the fair value of all the financial instruments
of the Marfrig Group is reliably measured and hence these are classified as level 1 and 2, as shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 2.5pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; font-family: Arial,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-bottom: 5pt; border-bottom: rgb(0,111,192) 1pt solid; padding-top: 5pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Parent</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 5.4pt 5pt 67.45pt; border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0.65pt; padding-right: 5.4pt; padding-left: 20.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>Level 1</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>Level 2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>Current and non-current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 13%; padding-top: 1.25pt; padding-right: 5.4pt; padding-left: 20.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 11%; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>5,717,946</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; width: 12%; background-color: #F1F1F1; padding-top: 1.25pt; padding-left: 42.3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 10%; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>18,326,639</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-right: 5.4pt; padding-left: 20.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>8,641</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>143</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>336,408</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 6.05pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>Current and non-current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; padding-top: 1.25pt; padding-left: 20.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(2,530)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 1.25pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(1,240,708)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(2,530)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(1,863,942)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.5pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; padding-top: 2.5pt; padding-left: 20.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(2,530)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-top: 2.5pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>4,485,879</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: #F1F1F1; padding-top: 2.5pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(2,387)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: #F1F1F1; padding-top: 2.5pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>16,799,105</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin-top: 2.35pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt; text-align: justify">Management understands that the results obtained
with derivative transactions are in line with the risk management strategy adopted by the Company.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; color: #1374FA; margin-top: 0pt; margin-bottom: 0pt"> 32.4. Credit risk management</P>



<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt">The Company is subject to credit risk. Credit risk deals with group&rsquo;s
financial losses if a customer or counterpart in a financial instrument fails to comply with contractual obligations, which arise from
most receivables.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">The Company limits its exposure by analyzing credit and managing customer&rsquo;s
portfolio, seeking to minimize the economic exposure to a certain customer and/or market that may represent significant losses.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt">The Global Credit Risk Policy determines the guideline for financial
credit risk management based on the following:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify">Limit of counterparty&rsquo;s credit risk concentration to 15%
of total current assets;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">Investments in solid and prime financial institutions, based
on their financial rating; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c)</TD><TD STYLE="text-align: justify">Balance between assets and liabilities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">Conducted evaluations are based on information flows and follow-up of the
volume of purchases in the market. The internal controls cover the assignment of credit limits.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">The maximum exposure to credit risk for the Company is the trade accounts
receivable shown in Note 6, where the value of the effective risk of possible losses is presented as provision for credit risk.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0pt">Values subject to credit risk:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 2.25pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-top: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; font-family: Arial,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-bottom: 5pt; border-bottom: rgb(0,111,192) 1pt solid; padding-top: 5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Parent</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-top: 5pt; border-bottom: rgb(0,111,192) 1pt solid; padding-bottom: 5pt; padding-left: 67.4pt; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0.8pt; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0.8pt; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 0.8pt; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 0.8pt; text-align: center; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F">12/31/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 55%; padding-top: 1.45pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 13%; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>732,320</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 10%; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">1,940,237</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 12%; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>4,516,687</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 10%; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">6,460,212</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>5,717,946</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">2,087,328</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>18,326,639</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">15,738,139</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>9,153,215</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">2,477,851</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>9,198,434</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">7,219,543</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.45pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>98,866</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">115,928</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>836,065</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">894,594</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-top: 2.85pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>15,702,347</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-top: 2.85pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">6,621,344</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: #F1F1F1; padding-top: 2.85pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>32,877,825</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: #F1F1F1; padding-top: 2.85pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">30,312,488</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin-top: 1.95pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; color: #1374FA; margin-top: 0pt; margin-bottom: 0pt"> 32.5. Liquidity risk management</P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.55pt; margin-bottom: 0pt; text-align: justify">Liquidity risk arises from the Company&rsquo;s
working capital management and the amortization of the principal and finance charges of debt instruments. This is the risk that the Company
will face difficulties to settle its falling due payables.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.6pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt; text-align: justify">The Company manages its capital based on parameters
to optimize the capital structure focused on liquidity and leverage metrics that enable a return to shareholders over the medium term,
consistent with the risks assumed in the transaction.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 81; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The main indicator for monitoring is the modified
immediate liquidity ratio, which is the ratio between the available funds (cash, cash equivalents, financial investments and marketable
securities) and current indebtedness (short term). The indices presented below refer to continuing operation:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 1.3pt; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; font-family: Arial,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-bottom: 5pt; border-bottom: rgb(0,111,192) 1pt solid; padding-top: 5pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Parent</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding: 5pt 5.4pt 5pt 67.6pt; border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 0.65pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F">12/31/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Available funds</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 13%; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>6,450,266</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 10%; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">4,027,565</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 12%; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>22,519,515</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; width: 10%; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">21,878,356</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Short-term loans and financing</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>4,479,301</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,181,118</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>8,352,851</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">7,509,414</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 1.25pt; padding-left: 3.3pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>Modified liquidity ratio</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>1.44</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">1.27</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>2.70</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F1F1F1; padding-top: 1.25pt; padding-right: 5.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">2.91</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin-top: 1.65pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; color: #1374FA; margin-top: 0pt; margin-bottom: 0pt"> 32.6. Market risk management</P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.55pt; margin-bottom: 0; text-align: justify">The Company is exposed to market risks arising
from commodity prices, interest rates, variable income and exchange rates. For each risk, the Company conducts continuous management and
sensitivity studies presented in this note.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; color: #1374FA; margin-top: 0pt; margin-bottom: 0pt"> 32.7. Interest rate risk</P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.55pt; margin-bottom: 0; text-align: justify">Interest rate risk refers to the Company&rsquo;s
risk of incurring economic losses due to negative changes in interest rates. This exposure basically refers to changes in market interest
rates which affect the Company&rsquo;s assets and liabilities indexed to the TJLP (Long-Term Interest Rate) or CDI (Interbank Deposit
Rate).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.65pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">In order to reduce debt service costs, the Company
continually monitors market interest rates to assess the need to enter into new derivative contracts to hedge its operations against the
risk of fluctuations of these rates.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.55pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0; text-align: justify">The interest rate exposure risk of the Company is
as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 1.3pt; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; border-bottom: #006FC0 1.5pt solid; text-align: left; font-family: Arial,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 5pt; border-top: #006FC0 1.5pt solid; border-bottom: #006FC0 1pt solid; padding-top: 5pt; padding-right: 4.25pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Parent</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 5pt 0pt 5pt 64.45pt; border-top: #006FC0 1.5pt solid; border-bottom: #006FC0 1pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #009F00"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding: 0pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 0pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 0pt; background-color: #F1F1F1; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 0pt; background-color: #F1F1F1; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt; color: #001F5F">12/31/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 0.05in; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Exposure to CDI rate:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 0.05in; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">NCE/Working capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; width: 12%; padding-top: 1.45pt; padding-left: 42.7pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; width: 11%; padding-top: 1.45pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; width: 12%; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>1,113,402</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; width: 10%; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">2,361,124</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.55pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">CPR/CCB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; padding-top: 1.45pt; padding-left: 17.05pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>4,599,447</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 13pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,805,840</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>4,599,447</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,805,840</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.55pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">CRA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; padding-top: 1.45pt; padding-left: 12.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>10,420,713</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 13pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">4,971,440</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>11,396,448</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">4,971,440</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.55pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Debentures</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; padding-top: 1.45pt; padding-left: 42.65pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>5,337,210</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">6,486,619</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.5pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">(-) CDB-DI (R$)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 1.45pt; padding-right: 0pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(1,570,296)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-top: 1.45pt; padding-right: 0pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">(316,458)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 0pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(5,287,255)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 0pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">(5,193,319)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding-left: 2.5pt; border-bottom: #E7E6E6 1.5pt solid">
    <P STYLE="font: 10pt Arial,sans-serif; margin-left: 0in; margin-top: 2.5pt; margin-bottom: 0; text-align: left"><B>Subtotal</B></P>
    <P STYLE="font: 10pt Arial,sans-serif; margin-top: 7.85pt; margin-bottom: 0; text-align: left">Exposure to SOFR rate:</P></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; padding-right: 3pt; padding-top: 1.9pt; padding-left: 12.4pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>13,449,864</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #006FC0 2.25pt double; padding-top: 1.9pt; padding-left: 13pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">8,460,822</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.9pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>17,159,252</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.9pt; padding-right: 3pt; padding-left: 3.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">12,431,704</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #E7E6E6 1.5pt solid; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.5pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Prepayment/NCE/ACC (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; padding-top: 1.45pt; padding-left: 17pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>5,005,723</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 13pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,005,013</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>5,005,723</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,373,928</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.5pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Revolving credit facility (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-right: 3pt; padding-top: 1.45pt; padding-left: 42.65pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-right: 3pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>3,057,761</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">2,452,259</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1.5pt solid; padding-top: 1.45pt; padding-left: 3.45pt; text-align: left; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Bank loan (US$)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; padding-top: 1.45pt; padding-left: 42.6pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1pt solid; padding-top: 1.45pt; padding-left: 20.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">107,516</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>3,435,723</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F1F1F1; padding-top: 1.45pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,883,752</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="text-align: left; padding-left: 2.5pt; vertical-align: top"><P STYLE="font: 10pt Arial,sans-serif; margin-top: 2.5pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Subtotal</B></FONT></P>
    <P STYLE="font: 10pt Arial,sans-serif; margin-top: 2.5pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial,sans-serif; margin-top: 2.5pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total</B></FONT></P></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; padding-right: 3pt; padding-top: 1.9pt; padding-left: 16.95pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>5,005,723</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #006FC0 2.25pt double; padding-top: 1.9pt; padding-left: 12.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">3,112,529</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.9pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>11,499,207</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.9pt; padding-right: 3pt; padding-left: 9.15pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">9,709,939</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #006FC0 1pt solid; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1pt solid; background-color: #F1F1F1; text-align: right; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #006FC0 2.25pt double; padding-right: 3pt; padding-top: 1.55pt; padding-left: 12.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>18,455,587</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 2.25pt double; padding-top: 1.55pt; padding-left: 8.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">11,573,351</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.55pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>28,658,459</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; padding-right: 3pt; background-color: #F1F1F1; padding-top: 1.55pt; padding-left: 3.9pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">22,141,643</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 82; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0.05pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">Derivative financial instruments to hedge against interest rate exposures are presented
below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; vertical-align: top; border-bottom: rgb(0,111,192) 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; width: 16%; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: rgb(0,32,96)"><B>Fair
    value  hedge&nbsp;-&nbsp;</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Derivative</FONT></B></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif; width: 31%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: center; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></Font></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: rgb(0,111,192) 1.5pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>instruments</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged item</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Assets</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Liabilities</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notional</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>MtM R$</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 1<SUP>st</SUP> issue - 3<SUP>rd</SUP> series - IPCA + 5.50% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 5.50% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI + 0.57% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>200,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>28,464</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 1<SUP>st</SUP> issue - 3<SUP>rd</SUP> series - IPCA + 5.50% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 5.50% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">100% of CDI</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>200,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>22,176</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 2<SUP>nd</SUP> issue - 1<SUP>st</SUP> series - IPCA + 5.30% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 5.30% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI + 2.20% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>400,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>53,395</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 2<SUP>nd</SUP> issue - 2<SUP>nd</SUP> series - IPCA + 5.60% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 5.60% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI + 2.29% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>595,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>48,624</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 3<SUP>rd</SUP> issue - single series - IPCA + 4.78% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 4.78% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI + 0.12% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,000,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>65,394</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 1<SUP>st</SUP> issue - 1<SUP>st</SUP> series - IPCA + 6.83% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 6.83% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">109.32% of CDI</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>990,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>33,741</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 5<SUP>th</SUP> issue - IPCA + 7.23%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA + 7.23% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI + 0.98% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,635,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(112,078)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest swap</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 6pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Debenture - 5<SUP>th</SUP> issue - Fixed rate +12.92%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">PRE + 12.92% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.5pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI + 0.89% p.a.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 9pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>925,000</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(124,444)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-left: 3pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 2.5pt; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 2.5pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>5,945,000</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>15,272</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Cash flow hedge</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Company designates as cash flow hedge derivative financial
instruments for protection of cash flow (swap), exchanging cash flows based on a notional amount, a term and other pre-established conditions
and criteria.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The Company has swap contracts designated as cash flow hedge accounting, as shown below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cash flow hedge - Derivative</B></FONT></TD>
    <TD STYLE="padding-left: 0.125in; border-right: #F2F2F2 1pt solid; text-align: left; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged
    tem</B></FONT></TD>
    <TD STYLE="border-right: #F2F2F2 1pt solid; vertical-align: bottom; padding-left: 21pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Assets</B></FONT></TD>
    <TD STYLE="border-right: #F2F2F2 1pt solid; vertical-align: bottom; padding-left: 21pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #F2F2F2 1pt solid; text-align: center; background-color: rgb(242,242,242); vertical-align: bottom; padding-left: 21pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notional</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: rgb(242,242,242); padding-right: 0pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>instruments</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: rgb(242,242,242); vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: rgb(242,242,242); padding-right: 0pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="color: #001F60"><B>MtM
    R$</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Gray 1pt solid; padding-bottom: 1pt; padding-left: 1pt; font-family: Calibri,sans-serif; width: 28%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Interest rate swap</FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-right: 0pt; text-align: left; padding-bottom: 1pt; padding-left: 0pt; font-family: Calibri,sans-serif; width: 15%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CRA</FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPCA</FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0pt; font-family: Calibri,sans-serif; width: 17%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CDI</FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-bottom: 1pt; background-color: rgb(242,242,242); padding-right: 4.75pt; font-family: Calibri,sans-serif; text-align: right; width: 8%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>BRL&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; background-color: rgb(242,242,242); padding-right: 4.75pt; font-family: Calibri,sans-serif; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;8,452,232</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,232,080)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; background-color: rgb(242,242,242); padding-right: 4.75pt; font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.55pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>8,452,232</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.25pt double; background-color: #F1F1F1; padding-top: 1.55pt; padding-right: 3pt; padding-left: 6.5pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>(1,232,080)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; text-align: left; margin-top: 0; margin-bottom: 0; color: #1374FB"><B>32.8. Commodity price risk</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Cattle commodities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">In its activities, the Company purchases cattle commodity,
which is the largest individual component of the beef segment production cost and is subject to certain variables. The price of cattle
acquired from third parties is directly related to market conditions, and is influenced by domestic availability and foreign market demand.
To reduce the impact of risks on cattle commodity prices, the Company holds cattle in feedlots and trades derivative financial instruments
in the futures market, as well as other operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The derivative financial instruments used to hedge against
cattle commodity price risk, which are not designated for hedge accounting, are shown below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: left; padding-top: 5pt; padding-left: 2.5pt; border-bottom: rgb(0,111,192) 1pt solid; width: 11%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; width: 16%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-right: #F2F2F2 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; width: 27%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 18%; background-color: #F2F2F2; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 15%; background-color: #F2F2F2; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; width: 13%; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>Instrument</B></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>Hedged item</B></FONT></TD>
    <TD STYLE="border-right: #F2F2F2 1pt solid; text-align: left; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>Register</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>Notional US$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>Notional R$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>12/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; padding-left: 2.5pt; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: rgb(242,242,242) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: top; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; color: #002060"><B>MtM R$</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: left; padding-left: 2.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">Futures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 25pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">Fed cattle</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; border-right: #F2F2F2 1pt solid; padding-left: 24pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">B3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>(28,610)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>(177,144)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>(2,530)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: left; padding-left: 2.5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">Futures</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-left: 25pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">Fed cattle</FONT></TD>
    <TD STYLE="border-right: #F2F2F2 1pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-left: 24pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif">CME</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>143</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 2.5pt; padding-left: 2.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.5pt; border-right: #F2F2F2 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-top: 2.5pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>(28,610)</B></FONT></TD>
    <TD STYLE="padding-top: 2.5pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>(177,144)</B></FONT></TD>
    <TD STYLE="padding-top: 2.5pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif"><B>(2,387)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 83; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Corn and soybean meal, grain and oil commodities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The prices of corn and soybean meal, grain and oil are
exposed to price risks arising from future purchases. This risk is managed through physical inventories, order balances at a fixed price
and through derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Limits are established to protect the purchase flow of
corn and soybean meal, grain and oil, aimed to reduce the impact of an increase in the price of these raw materials, and include the possible
use of derivative instruments or management of inventories.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Subsidiary BRF purchases commodities at prices to be fixed
in the futures and spot markets and, to protect such exposure, contracts derivative instruments in an active position (purchase) to fix
such prices in advance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Derivative financial instruments designated as cash flow
hedge accounting to protect against exposure to the price risk of corn and soybean meal, grain and oil commodities to be fixed are shown
below:</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 5pt; padding-left: 3pt; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; width: 16%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; width: 28%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; width: 11%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; width: 11%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; width: 10%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; width: 4%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: #006FC0 1.5pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif; width: 9%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: center; border-top: #006FC0 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Aptos,sans-serif; width: 11%; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-top: #006FC0 1pt solid; vertical-align: bottom; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cash flow hedge - Derivative</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-top: #006FC0 1pt solid; padding-left: 47pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged item</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; text-align: center; vertical-align: bottom; padding-left: 0.5in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Index</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; text-align: center; vertical-align: bottom; padding-left: 17pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Maturity</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; vertical-align: bottom; padding-right: 7.35pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Quantity</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #006FC0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #006FC0 1pt solid; padding-right: 3pt; text-align: center; vertical-align: bottom; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Price
rate&nbsp;<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #006FC0 1.5pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>instruments</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: #001F60"><B>MtM R$</B></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of soybean meal - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Soybean meal - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2nd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>17,989</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">336.79</FONT></TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>948</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of soybean meal - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Soybean meal - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>17,989</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">341.13</FONT></TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>548</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>20,003</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">177.85</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(26)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2nd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>135,998</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">176.94</FONT></TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,174</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - B3</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>16,200</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,208.33</FONT></TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>124</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - B3</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2nd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>40,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,213.33</FONT></TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>193</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-deliverable forward - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of soybean oil - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Soybean oil - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2nd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>6,001</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">912.57</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(516)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-deliverable forward - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - price to be fixed</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>99,999</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">171.76</FONT></TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>403</B></FONT></TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 3pt; font: 2pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; border-bottom: #0070C0 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; padding-right: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; border-bottom: #0070C0 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 3pt; padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>354,679</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; text-align: right; padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; background-color: #F2F2F2; border-bottom: #006FC0 1.5pt double; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,848</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Base price for each commodity
in USD/ton, except for Corn &ndash; B3, denominated in R$/ton.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">In certain situations, subsidiary BRF makes future purchases
of commodities at fixed prices and, to protect such exposure, contracts derivative instruments in a passive position (sale) to maintain
the prices of such purchases at market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Derivative financial instruments designated as fair value
hedge accounting to protect against exposure to the risk of fixed commodity prices are shown below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 5pt; width: 16%; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; width: 28%; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; width: 11%; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; width: 11%; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; width: 10%; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; width: 4%; border-top: #006FC0 1.5pt solid; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: right; border-top: #006FC0 1.5pt solid; width: 9%; font-family: Aptos,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; text-align: right; border-top: #006FC0 1.5pt solid; width: 11%; background-color: #F2F2F2; font-family: Aptos,sans-serif; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #006FC0 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Fair value hedge - Derivative</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; text-align: center; vertical-align: bottom; padding-left: 47pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged item</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; text-align: center; vertical-align: bottom; padding-left: 0.5in; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Index</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; text-align: center; vertical-align: bottom; padding-left: 17pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Maturity</B></FONT></TD>
    <TD STYLE="border-top: #006FC0 1pt solid; vertical-align: bottom; padding-right: 7.35pt; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Quantity</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #006FC0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #006FC0 1pt solid; text-align: center; vertical-align: bottom; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Price rate&nbsp;<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: rgb(0,111,192) 1pt solid; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #006FC0 1.5pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>instruments</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-size: 10pt; color: #001F60"><B>MtM R$</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of soybean grain - fixed price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Soybean grain - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 8pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>38,298</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">409.09</FONT> <FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>10,526</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - fixed price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 8pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>9,001</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">185.42</FONT> <FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>409</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - fixed price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - CBOT</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 8pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>76,216</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">173.46</FONT> <FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>471</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn futures - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - fixed price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - B3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 8pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,609</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #D9D9D9 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,252.06</FONT> <FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(71)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,111,192) 1.5pt solid; padding-bottom: 1pt; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn futures - sale</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-bottom: 1pt; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Purchases of corn - fixed price</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-bottom: 1pt; padding-left: 11pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corn - B3</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-bottom: 1pt; padding-left: 8pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>189,486</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-bottom: 1pt; padding-left: 5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ton</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; padding-bottom: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,116.86</FONT> <FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(947)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>325,610</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>10,388</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Base price for each commodity
in USD/ton, except for Corn &ndash; B3, denominated in R$/ton.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 84; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><B>32.9. Exchange rate risk</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Balance sheet exposure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">Exchange rate risk consists of the risk of foreign exchange fluctuations
leading the Company to incur losses and causing a reduction in the amounts of assets or an increase in the amounts of liabilities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Company also has a sound financial policy, maintaining a high level
of cash balance and short-term investments with solid financial institutions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">Assets and liabilities in foreign currency are presented as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #006FC0 1.5pt solid; padding-top: 5pt; width: 64%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #006FC0 1.5pt solid; padding-top: 5pt; text-align: right; background-color: White; width: 12%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #006FC0 1.5pt solid; padding-top: 5pt; text-align: right; background-color: White; width: 12%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #006FC0 1.5pt solid; padding-top: 5pt; vertical-align: bottom; background-color: White; width: 12%; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: bottom">
    <TD STYLE="font: 2pt Aptos,sans-serif; border-bottom: #0070C0 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 2pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 2pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 2pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Effects on&nbsp;result</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Description</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Translation gains</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: #006FC0 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 0pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 0pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt solid; padding-right: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>(losses) 2024</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B><U>Operating</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>8,927,853</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2,145,630</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,076,465</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Imports payable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(5,837)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-top: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,159)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>610</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3pt; font-family: Aptos,sans-serif"><B>Subtotal</B><TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 5.4pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>8,922,016</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 5.4pt; background-color: White; text-align: right; font-family: Aptos,sans-serif">2,138,471</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 5.4pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,077,073</B></FONT></TD></TR>

<TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Aptos,sans-serif; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Aptos,sans-serif; border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; background-color: White; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Aptos,sans-serif; border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; background-color: White; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Aptos,sans-serif; border-top: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; background-color: White; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B><U>Financial</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans and financing</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(6,080,636)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,617,390)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,238,252)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes payable and receivable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,028)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">41,432</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>24,808</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance of banks and financial investments<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>714,063</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,929,828</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>489,022</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-bottom: 1pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 3pt; font-family: Aptos,sans-serif"><B>Subtotal</B><TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 0pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><B>(5,370,601)</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif">(1,646,130)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><B>(724,422)</B></TD></TR>

<TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Aptos,sans-serif; padding-bottom: 1.5pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Aptos,sans-serif; padding-right: 5.4pt; background-color: White; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Aptos,sans-serif; padding-right: 5.4pt; background-color: White; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Aptos,sans-serif; padding-right: 5.4pt; background-color: White; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 3pt; font-family: Aptos,sans-serif"><B>Total</B><TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><B>3,551,415</B></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">492,341</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><B>352,651</B></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>3,328,961</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation losses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: White; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,976,310)</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Aptos,sans-serif; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 7pt Aptos,sans-serif; text-align: right; background-color: White">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 7pt Aptos,sans-serif; text-align: right; background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; font: 7pt Aptos,sans-serif; background-color: White; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><B>Translation gains (losses), net</b>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
<TD STYLE="border-bottom: rgb(0,111,192) 2.25pt double; padding-right: 3pt; padding-top: 1.55pt; padding-left: 8.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>352,651</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Refers only to banks and financial
investments balances that generated translation gains (losses).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 5pt; padding-right: 0pt; border-top: rgb(0,111,192) 1.5pt solid; width: 7%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 5pt; padding-right: 0pt; border-top: rgb(0,111,192) 1.5pt solid; width: 1%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 5pt; padding-right: 0pt; border-top: rgb(0,111,192) 1.5pt solid; width: 47%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 5pt; padding-right: 0pt; text-align: right; background-color: rgb(242,242,242); width: 15%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 5pt; padding-right: 0pt; text-align: right; background-color: rgb(242,242,242); width: 12%; font-family: Calibri,sans-serif; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 5pt; padding-right: 0pt; background-color: rgb(242,242,242); width: 18%; font-family: Calibri,sans-serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Effects on result</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Description</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Translation gains</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>(losses) 2024</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B><U>Operating</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,145,785</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3,107,867</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,680,874</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Imports payable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,896,965)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,259,358)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(660,650)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>339</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(242)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(447,701)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(721,507)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,907,366</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Calibri,sans-serif; padding-right: 5.4pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Calibri,sans-serif; padding-right: 5.4pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Calibri,sans-serif; padding-right: 5.4pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: rgb(231,230,230) 1pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Subtotal</B></FONT></TD>
<TD STYLE="background-color: rgb(242,242,242); padding-right: 3pt; border-bottom: rgb(0,111,192) 2.25pt double; padding-top: 1.55pt; padding-left: 8.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>801,458</B></FONT></TD>
<TD STYLE="background-color: rgb(242,242,242); padding-right: 3pt; border-bottom: rgb(0,111,192) 2.25pt double; padding-top: 1.55pt; padding-left: 8.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">126,760</Font></TD>
<TD STYLE="background-color: rgb(242,242,242); padding-right: 3pt; border-bottom: rgb(0,111,192) 2.25pt double; padding-top: 1.55pt; padding-left: 8.45pt; text-align: right; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>2,927,593</B></Font></TD></TR>

<TR STYLE="font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font: 5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font: 5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; font: 5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B><U>Financial</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans and financing</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(37,734,251)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(33,953,965)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,566,791)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Notes payable and receivable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(357,102)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(333,764)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,092,905)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance of banks and financial investments<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>6,839,357</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6,652,705</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>338,037</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(304,579)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">502,292</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>107,439</B></FONT></TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="font: 5pt Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(31,556,575)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(27,132,732)</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(3,214,220)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(30,755,117)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(27,005,972)</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(286,627)</B></FONT></TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 5pt Calibri,sans-serif; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>9,106,863</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation losses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(9,393,490)</B></FONT></TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD COLSPAN="3" ROWSPAN="2" STYLE="font: 5pt Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Translation gains (losses), net</B></FONT></TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; background-color: rgb(242,242,242); padding-bottom: 1.5pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(286,627)</B></FONT></TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Refers only to banks and financial
investments balances that generated translation gains (losses).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 85; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Since it has more financial liabilities in foreign currency
than assets, the Company contracted Non-Deliverable Forward (NDF) contracts, all of them non-speculative in nature, to minimize the effects
of the foreign exchange variation on its exports, as per the breakdown below:</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 1pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 8pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 12pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 15pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 10pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; background-color: rgb(242,242,242); vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cash flow hedge - Derivative instruments</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; text-align: left; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged&nbsp;item</B></FONT></TD>
    <TD STYLE="padding-left: 7pt; text-align: left; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Register</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: left; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: rgb(242,242,242); vertical-align: bottom; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notional</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 20%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 11%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 13%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 11%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 14%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: rgb(242,242,242); vertical-align: bottom; width: 5%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: rgb(242,242,242); vertical-align: bottom; width: 11%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: rgb(242,242,242); font-family: Calibri,sans-serif; text-align: center; width: 15%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>MtM R$</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Operations not designated for hedge</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); vertical-align: top; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>accounting</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); vertical-align: top; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">GBP</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(32,135)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>6,173</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">EUR</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(5,531)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,281</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">AUD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(728)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>187</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CLP</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(3,698)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,470</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">EUR</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>EUR</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(60,000)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,040</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CLP</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>CLP</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>25,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,425</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Futures</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 3pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FX</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 7pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">OTC</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 9pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(62,500)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,132</B></FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font: 1pt Aptos,sans-serif; border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-bottom: 1pt; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1.5pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(139,592)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>15,708</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Operating income exposure</B></P>


<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The objective of managing operating income exposure is
to protect revenues and costs indexed to foreign currencies. Subsidiary BRF has internal models for the measurement and monitoring of
these risks and contracts hedging instruments, designating the relationships as cash flow hedge accounting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Subsidiary BRF has more revenues denominated in foreign
currency than expenses and, therefore, contracts derivative financial instruments to reduce such exposure. Derivative financial instruments
designated as cash flow and fair value hedge accounting to protect the exchange rate exposure of operating income.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The cash flow hedge amounts (derivative instruments) are shown below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 21%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 15%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 8%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 8%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 18%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; width: 8%; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; vertical-align: bottom; width: 5%; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; vertical-align: bottom; width: 6%; background-color: rgb(242,242,242); font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top; width: 11%; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cash
flow hedge - Derivative&nbsp;instruments</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged item</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Maturity</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exercise<BR>

    rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notional</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: rgb(242,242,242); text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024<B><BR>
    </B>MtM R$</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.6807</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>105,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(58,721)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2nd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.9204</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>258,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(104,650)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.1309</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>165,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(54,315)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">4th quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.4083</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>82,000</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(15,657)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.9991</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>479,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(81,092)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2nd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.2590</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>90,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(5,787)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.4616</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>42,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(3,204)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exports in USD</FONT></TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">4th quarter 2025</FONT></TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.5806</FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>20,000</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,647)</B></FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font: 1pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 1pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 1pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 1pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 1pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; text-align: right; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; font: 1pt Aptos,sans-serif; background-color: rgb(242,242,242); text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,243,500</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; background-color: rgb(242,242,242); text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(325,073)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Company concluded that part of its cost related to
future physical purchases of commodities in dollars also generates exchange rate exposure, contracting the following derivatives and designating
them as fair value hedge.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="font-weight: bold">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font-weight: bold">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Fair
    value hedge - Derivative</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Exercise</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD></TR>
  <TR STYLE="font-weight: bold; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">instruments</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Hedged
    item</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Assets</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Liabilities</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">Maturity</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">rate</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; background-color: #F2F2F2; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notional</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; background-color: #F2F2F2; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">MtM
    R$</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; width: 21%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; width: 15%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Costs in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; width: 8%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; width: 8%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; width: 18%"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1st
quarter 2025</FONT></P></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center; width: 8%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.5465</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; width: 5%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>15,823</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right; width: 11%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(10,851)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #0070C0 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Costs in USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #0070C0 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #0070C0 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: #0070C0 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2025</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6.0634</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>9,426</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(3,760)</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 0.5pt">
    <TD STYLE="font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 0.5pt Calibri,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 0.5pt Calibri,sans-serif; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 0.5pt Calibri,sans-serif; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #006FC0 1.5pt double; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>25,249</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #006FC0 1.5pt double; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(14,611)</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 86; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Investment exposure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">Subsidiary BRF has both investments (net assets) and
loans (financial liabilities) denominated in foreign currency. To balance the accounting effects, certain non-derivative financial liabilities
are designated as instruments to hedge the exchange rate exposure generated by such investments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">Non-derivative financial instruments designated as hedge accounting for net
investment are presented below:&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 1pt; font-family: Calibri,sans-serif; width: 19%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top; padding-left: 8pt; font-family: Calibri,sans-serif; width: 33%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 4.8pt; font-family: Calibri,sans-serif; text-align: center; width: 8%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; padding-left: 5pt; font-family: Calibri,sans-serif; width: 9%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center; width: 8%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 12pt; width: 6%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right; width: 8%; padding-bottom: 5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right; width: 9%; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left; vertical-align: bottom; font-family: Calibri,sans-serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Fair
    value hedge&nbsp;-&nbsp;Non-derivative&nbsp;</B></FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>instruments</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; text-align: center; vertical-align: middle; font-family: Calibri,sans-serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Hedged
    item (investment)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; vertical-align: bottom; font-family: Calibri,sans-serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Maturity</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; font-family: Calibri,sans-serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exercise
    rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notional</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>MtM
    R$ <SUP>(a)</SUP></B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Federal Foods LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 4.8pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3.7649</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-left: 12pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD&nbsp;<SUP>(b)</SUP>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>44,158</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(142,067)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRF Kuwait Food Management Company WLL</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 4.8pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3.7649</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><SUB>USD&nbsp;</SUB><SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>88,552</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(215,832)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Al Khan Foodstuff LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 4.8pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3.7649</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-left: 12pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD&nbsp;<SUP>(b)</SUP>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>53,446</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(142,392)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: #E7E6E6 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRF Foods GmbH</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 4.8pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.1629</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><SUB>USD</SUB>&nbsp;<SUP>(c)</SUP>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>170,721</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(197,505)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-left: 1pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: #0070C0 1pt solid; padding-left: 8pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Al-Wafi Al-Takamol International for Foods Products</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-left: 4.8pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-left: 5pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3rd quarter 2050</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #0070C0 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5.1629</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-left: 12pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>USD&nbsp;<SUP>(c)</SUP>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>23,426</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(23,009)</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font: 2pt Calibri,sans-serif; vertical-align: bottom; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; text-align: left; vertical-align: top; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; vertical-align: bottom; padding-left: 4.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; vertical-align: bottom; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 2pt Calibri,sans-serif; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.8pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>380,303</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt double; vertical-align: bottom; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(720,805)</B></FONT></TD>
    </TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Corresponds to the effective portion
of hedge results accumulated in line item Other comprehensive income.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Designated on August 1, 2019.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Designated on November 1, 2022.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><B>32.10. Sensitivity analysis</B></P>

<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The financial instruments, including derivatives, may undergo changes in
fair value as a result of the fluctuation of exchange rates, interest rates, price indexes and other variables.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The analyses of the sensitivity of derivative and non-derivative financial
instruments to these variables are presented below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Selection of risks</B></P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The main risks that may affect the value of the Company&rsquo;s financial instruments
are:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify">Exchange rate US$/R$, US$/GBP, US$/EUR and US$/AUD;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">Exchange rate R$/TRY, R$/WON, R$/PYG, R$/AOA, R$/SAR and R$/AED;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c)</TD><TD STYLE="text-align: justify">Floating interest rate SOFR;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">d)</TD><TD STYLE="text-align: justify">Inflation rate IPCA; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">e)</TD><TD STYLE="text-align: justify">Interest rate CDI and SELIC.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">For purposes of the analysis of sensitivity to risks,
the Company presents the exposures to currencies as if they were independent, that is, they do not reflect in the exposure to exchange
rate the risks of changes in other exchange rates that could be indirectly influenced by it.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Selection of scenarios</B></P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The probable scenario of the Dollar-real exchange rate,
the SELIC/CDI interest rate and the IPCA projection for a one-year horizon is based on the FOCUS report disclosed by the Central Bank
of Brazil (BACEN). The one-year projection for the dollar is R$ 5.96 and was obtained interpolating the quotations of the current and
subsequent years. The Selic rate is expected to close the period at 14.75% p.a. and the IPCA at 4.96%. The Selic rate is used as a reference
for the CDI sensitivity analyses. The probable scenario for the other currencies is calculated based on the parity with the US Dollar.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">For SOFR interest rates, Management used the one-year projection of 4.18%,
consistent with the market curves.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">In the sensitivity analysis, variations of 15% and 30% were estimated for each variable
for possible and remote scenarios, respectively.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">The sensitivity values below are for changes in financial instruments under each scenario:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; padding-left: 2pt; font-family: Aptos,sans-serif; width: 48%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 13%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 13%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 13%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Exchange rate - US dollar x real</B></Font></TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Gains&nbsp;and&nbsp;(losses)</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario
    -</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exposed&nbsp;amounts</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Probable</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>scenario</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible&nbsp;scenario
    <BR>
    </B>15%</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote&nbsp;scenario
    <BR>
    </B>30%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5,104,085</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(191,000)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">545,962</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,282,925</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ADRs securities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">15,481</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(579)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,656</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3,891</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Prepayment/NCE/ACC (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(6,975,777)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">261,041</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(746,169)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,753,380)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bonds (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(20,525,424)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">768,083</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,195,518)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,159,119)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bank loan (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,340,520)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">199,848</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(571,253)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,342,354)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Revolving Credit Facility</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,057,761)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">114,425</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(327,076)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(768,576)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Agribusiness Receivables Certificates (CRA)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(576,008)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">21,555</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(61,613)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(144,781)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Foreign credit note</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">289,880</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(10,848)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">31,007</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">72,862</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Working capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,258,761)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">47,104</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(134,644)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(316,393)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">SWAP USD x CDI</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,355,127)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">88,131</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(251,918)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(591,967)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: #006FC0 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Exchange rate - other currencies</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Gains and (losses)</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt 0pt 5pt 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-top: 3pt; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario
    -</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exposed amounts</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-top: 3pt; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Probable</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>scenario</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-top: 3pt; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible
    scenario</B> <BR>
    15%</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-top: 3pt; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 5pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote&nbsp;scenario<BR>
    30%</B></FONT><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit - Turkish Lira</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">715,371</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(26,770)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">76,520</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">179,810</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit - South Korean Won</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">87</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit - Paraguayan Guarani</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">7,900</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(296)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">845</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,986</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time deposit - Saudi Riyal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">959,103</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(35,891)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">102,591</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">241,073</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time Deposit - Angolan Kwanza</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">55,449</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,075)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5,931</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">13,937</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Time Deposit - Arab Dirham</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">102,947</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,852)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">11,012</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">25,876</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF CLP X USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(22,897)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">857</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,449)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,755)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF EUR X USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(36,912)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,381</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,948)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(9,278)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF GBP X USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(228,867)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">8,564</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(24,481)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(57,526)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF AUD X USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(4,509)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">169</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(482)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,133)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>SOFR rate</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Gains and (losses)</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario
    -</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exposed amounts</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Probable</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>scenario</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible
    scenario</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>15%</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote&nbsp;scenario<BR>
 30%</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Prepayment/NCE/ACC (US$) - SOFR</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,822,503)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">12,041</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(11,898)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(35,836)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 6pt Aptos,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 6pt Aptos,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 6pt Aptos,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 6pt Aptos,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 6pt Aptos,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Interest rate - CDI</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Gains and (losses)</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Instrument</B></Font></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario
    -</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exposed amounts</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Probable</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>scenario</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: Navy; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible
    scenario</B></FONT> <BR>
<B>15%</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote&nbsp;scenario</B></FONT>
<BR>
<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>30%</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Bank Deposit Certificates - CDB</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,570,296</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">39,257</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">73,765</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">108,272</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Repurchase and reverse repurchase agreements</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2,730,075</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">68,252</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">128,245</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">188,239</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Brazilian prize-draw investment bonds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,763</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">44</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">83</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">122</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">FIDC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">27,592</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">690</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,296</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,902</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">LTF - Financial Treasury Bill</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">46,774</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,169</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2,204</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3,239</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NCE/Working Capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(153,062)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(3,827)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,190)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(10,554)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">CPR/CCB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(4,599,447)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(114,986)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(216,059)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(317,132)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Agribusiness Receivables Certificates (CRA)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,257,996)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(31,450)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(59,094)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(86,739)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 6pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Interest rate - IPCA</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Gains and (losses)</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario
    -</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Exposed amounts</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Probable</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>scenario</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible
    scenario</B></FONT> <FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><BR>
<B>15%</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote&nbsp;scenario</B></FONT><BR>
<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>30%</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Agribusiness Receivables Certificates (CRA)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,447,837)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(9,682)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(65,094)</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(120,506)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-left: 2pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">SWAP IPCA x CDI</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">6,097,105</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">7,926</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">53,289</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">98,651</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">The interest rate fluctuations do not significantly affect the results of subsidiary
BRF. Therefore, the financial instruments pegged to the fixed rate of subsidiary BRF are not being presented in the sensitivity analysis
above.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 88; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Cattle commodities</B></P>



<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The table below shows the sensitivity analysis for the
price of cattle commodities. The Company considered scenario I as appreciation of 10% and scenarios II and III as deterioration of 25%
and 50% for cattle commodity price volatility, using as reference the closing price at the end of the year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding-right: 0pt; border-top: rgb(0,111,192) 1.5pt solid; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-top: rgb(0,111,192) 1.5pt solid; border-right: #F2F2F2 1pt solid; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif; width: 45%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1pt solid; border-right: rgb(242,242,242) 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Parity - USDA Price - Cattle - R$/US$</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario I</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario II</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario III</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Instrument</B></FONT></TD>
    <TD STYLE="border-right: #F2F2F2 1pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Risk</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>scenario</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 0pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Futures</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-right: #F2F2F2 1pt solid; border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Increase in fed cattle price</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,530)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(253)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>633</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: #BFBFBF 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>127</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Futures</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-right: #F2F2F2 1pt solid; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Increase in fed cattle price</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1pt solid; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>143</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1pt solid; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 3pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(36)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; padding-right: 3pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(7)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 5.4pt; border-right: #F2F2F2 1pt solid; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,387)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(239)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>597</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; padding-left: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>120</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><B>Corn and soybean meal, grain and oil commodities</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">For the probable scenario of commodities, the Company uses
as a reference the future value of assets at the end of the year, and therefore understands that there will be no changes in the results
of transactions. For the exchange rate, the probable scenario is referenced by external sources, such as the Focus report, interpolating
the quotations of the current and subsequent years. The probable scenario for the other currencies is calculated based on the parity with
the US Dollar.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">For the possible and remote scenarios, in both cases positive
and negative variations of 15% and 30% respectively were considered from the probable scenario. Such sensitivity scenarios are derived
from information and assumptions used by Management in monitoring the previously mentioned risks.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The information used in the preparation of these analyses
is based on the position at the end of the year. The estimated amounts may differ significantly in relation to the numbers and results
to be recorded by the Company. Positive values indicate gains and negative values indicate losses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; width: 37%; border-top: rgb(0,111,192) 1.5pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 15%; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 11%; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 12%; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; text-align: right; width: 13%; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1pt solid; width: 12%; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Operating result - commodities</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 0pt; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Scenario</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Calibri,sans-serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-right: 0pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote -30%</B></FONT>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible&nbsp;-15%</B></FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Probable</B></FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Possible 15%</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Remote 30%</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri,sans-serif; border-bottom: #0070C0 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Soybean grain - CBOT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 47pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>255</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>310</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>364</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>419</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>474</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,187)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,093)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right">&nbsp;&nbsp;<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,093</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,187</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,187</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,093</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,093)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,187)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net effect</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2; padding-left: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;<B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;<B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;<B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right">&nbsp;&nbsp;<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2; padding-left: 47pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Soybean meal - CBOT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 47pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>248</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>301</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>354</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>407</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>461</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>3,825</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,912</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,912)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(3,825)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(2,545)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(632)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,738</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>3,651</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1.5pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net effect</FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,280</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,280</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(174)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(174)</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2; padding-left: 47pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Soybean oil - CBOT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 47pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>629</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>764</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>898</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>1,033</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>1,168</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,617</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>809</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(809)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,617)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,617)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(809)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>809</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,617</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 2pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: 2pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net effect</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right">&nbsp;&nbsp;<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right">&nbsp;&nbsp;<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right">&nbsp;&nbsp;<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2; padding-left: 47pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Corn - CBOT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 47pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>123</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>150</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>176</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>203</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>229</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>9,036</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,518</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;<B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,518)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(9,036)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(6,117)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,888)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,964</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>7,192</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">NDF</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(766)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(383)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>383</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>766</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 2pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: 2pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net effect</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,153</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,247</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;<B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,171)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,078)</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2; padding-left: 47pt">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 5pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Corn - B3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-left: 47pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>822</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>998</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>1,174</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>1,351</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>1,527</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(51,225)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(25,613)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>25,613</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>51,225</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: #D9D9D9 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Collar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(14,600)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,316)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,454</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>14,298</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Futures</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>70,609</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>35,305</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(35,305)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(70,609)</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 2pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: 2pt Calibri,sans-serif; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; padding-left: 22.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 2pt Calibri,sans-serif; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net effect</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,784</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>5,376</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; padding-left: 22.3pt; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(5,238)</B></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; padding-right: 3pt; background-color: #F2F2F2; font-family: Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(5,086)</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 89; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin-top: 0; margin-bottom: 0; color: #1374FB"><B>33. INCOME AND SOCIAL CONTRIBUTION TAXES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">Income and social contribution taxes were calculated according to prevailing
legislation and Federal Law 12,973/14.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">Income and social contribution tax calculations and returns, when required,
are open to review by tax authorities for varying statutory years in relation to the payment or filing date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0">Below are the calculation and reconciliation of taxes in the statement of
income for the year:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #006FC0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #006FC0 1pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #006FC0 1pt solid; padding-right: 0pt; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #006FC0 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Profit (loss) before taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,112,056)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,522,168)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>405,112</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(4,541,228)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Income and social contribution taxes - Nominal rate (34%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>378,099</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">517,537</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(137,738)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,544,018</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font: 8pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 8pt Aptos,sans-serif; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Adjustments to determine the effective tax rate:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Taxation on profit of companies abroad</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(142,039)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(329,147)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(224,614)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Credit of tax paid abroad</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>678,742</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">214,246</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>807,054</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">214,246</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Effect from differences in tax rate of companies abroad</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(111,037)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(597,790)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Tax losses and social contribution carryforwards from prior years</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>730,904</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,618)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>641,601</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5,018</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Tax incentive</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>62,968</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">35,963</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>94,092</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">186,872</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity in earnings (losses) of subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,849</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(311,398)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(11,759)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(21,591)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,589,273</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(80,621)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,511,552</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(271,364)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Provision for contingencies (IRPJ/CSLL) <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(977,277)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other additions / exclusions</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(622,144)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 3pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(54,287)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(96,032)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">254,804</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,822,691</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">173,782</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,391,309</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,089,599</FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: #0070C0 1pt solid; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total current taxes</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,036,605</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">15,382</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(319,893)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(223,020)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total deferred taxes</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,786,086</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">158,400</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,711,202</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,312,619</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,822,691</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">173,782</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,391,309</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,089,599</FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-left: 1pt; width: 55%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; font: 1pt Aptos,sans-serif; text-align: right; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; font: 1pt Aptos,sans-serif; text-align: right; width: 11%">&nbsp;</TD>
    <TD STYLE="font: 1pt Aptos,sans-serif; width: 1%; border-bottom: #0070C0 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; font: 1pt Aptos,sans-serif; text-align: right; width: 11%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; font: 1pt Aptos,sans-serif; text-align: right; width: 11%; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Effective tax rate<SUP>(b)</SUP></FONT> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>254%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">11%</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1.5pt double; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-590%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #006FC0 1.5pt double; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">24%</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Details on the provision for contingencies
are disclosed in Note 26.1.2 &ndash; Tax.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The difference between nominal
and effective rate is significantly affected by equity in earnings (losses) of subsidiaries, taxes on profits abroad and foreign exchange
variations arising from monetary items that are part of the net investments in foreign entities.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt"> <B>34.</B> <B>SEGMENT REPORTING</B></P>



<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Company established an integrated and geographically
diversified business model, which consists of production units located in strategic places, combined with a broad distribution network
with access to the world&rsquo;s main channels and consumer markets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Company believes that continuous improvement in its internal processes will enable
it to further enhance efficiency and cut costs, which, coupled with a result-driven management that is committed to profitable growth,
will drive profitability and cash generation.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 90; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company defined its segments according to the business activities
from which it can earn revenues and incur expenses, whose operating results are regularly reviewed by the entity&rsquo;s chief operating
decision-maker, responsible for allocating resources and assessing performance of the operating segments, and for which there is individual
financial information available. Therefore, the segments managed by the Company are: &ldquo;Beef - North America&rdquo;, &ldquo;Beef -
South America&rdquo;, &ldquo;Poultry, Pork and Processed Products - BRF&rdquo; and &ldquo;Corporate&rdquo;, as presented below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Net revenue</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Operating income&nbsp;(expenses)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 66%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">YTD</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">YTD</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">YTD</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">YTD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">2024</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">2023</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">2024&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right">2023&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Beef - North America</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">66,921,453</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap">59,551,759</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">399,414&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">1,625,965&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Beef - South America<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">20,805,279</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap">19,222,955</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">1,395,459&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">1,313,393&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Poultry, Pork and Processed Products - BRF</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">61,134,227</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap">53,443,296</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">6,839,819&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">836,097&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corporate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">(2,697,421)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">(2,714,268)</TD>
    </TR>
  <TR STYLE="font: 3pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">148,860,959</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; text-align: right; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap">132,218,010</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: bold 10pt Aptos,sans-serif; padding-right: 3pt; text-align: right; white-space: nowrap">5,937,271&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">1,061,187&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">Details
of net revenue / operating profit from discontinued operation of the Beef South America segment are presented in Note 12 - Assets and
liabilities held for sale and discontinued operations.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #1374FB"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #1374FB"><FONT STYLE="text-transform: uppercase"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Non-current assets</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 81%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #001F59">12/31/2023</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Beef - North America</FONT></TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">8,435,549</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">6,641,489</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Beef - South America<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">12,177,888</TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">7,886,529</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Poultry, Pork and Processed Products - BRF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">31,844,590</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap">31,317,828</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Corporate</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">30,117,446</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap">33,007,990</TD>
    </TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 1pt; white-space: nowrap">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap">82,575,473</TD>
    <TD STYLE="text-align: right; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; text-align: right; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap">78,853,836</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Details of the amounts of non-current assets reclassified
as held for sale in the Beef South America segment are presented in Note 12 - Assets and liabilities held for sale and discontinued operations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; color: #1374FB"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Trebuchet MS Negrito,serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif">35.
<FONT STYLE="text-transform: none">INSURANCE COVERAGE</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s policy is to insure its property, plant and
equipment and inventories subject to risk, at amounts deemed sufficient to cover possible losses, taking into consideration the nature
of its activities and the insurance advisors&rsquo; opinion.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Based on the maximum risk weighting, the Company does not have
a policy of maintaining insurance policies to protect against lost profits, given the broad geographic distribution of its plants and
the fact that its operations can be reorganized in the event that any need arises.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Below is a summary of the amounts insured by the Company for continuing
operations:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding: 3pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Aptos,sans-serif; width: 11%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Aptos,sans-serif; width: 11%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif; width: 11%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif; width: 11%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Buildings and meatpacking facilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">1,013,640</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">1,035,542</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">12,198,031</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">10,103,055</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">267,120</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">265,926</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">1,622,070</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">1,181,400</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Third-party warehouse</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">-</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">32,705</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">156,513</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">134,810</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Vehicles</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">25,343</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">36,776</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">41,160</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">50,193</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Transportation of goods</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">1,562,375</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">1,120,712</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">4,509,608</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">3,961,432</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Directors&rsquo; guarantees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">309,615</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">242,065</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">554,467</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">484,145</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Civil liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">31,721</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">30,000</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">900,045</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">715,295</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Aircraft</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">2,466,807</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">242,065</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">3,086,037</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">727,771</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">885,081</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif">371,942</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">937,487</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">390,746</TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; text-align: center; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-left: 5.4pt; text-align: center; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-left: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; padding-left: 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>6,561,702</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3,377,733</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>24,005,418</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,111,192) 2.5pt solid; padding-left: 5.4pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; font-family: Aptos,sans-serif">17,748,847</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The assets held for sale have coverage in the amount of R$ 1,153,072.
This amount is sufficient to cover any losses according to Management&rsquo;s judgment.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 91; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Trebuchet MS Negrito,serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Trebuchet MS Negrito,serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif">36.
<FONT STYLE="text-transform: none">RELATED-PARTY TRANSACTIONS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">36.1.
Related parties to the parent company</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">Transactions
between the Parent and its related parties are shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.05in; white-space: nowrap; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #00A000"><B>Parent</B></FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Outstanding
    balance</B></FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Trade
    accounts receivable</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Trade
    accounts payable</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Notes
    receivable</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Notes
    payable</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Advances
    to suppliers</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Advances
    from customers</B></FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap; text-align: right; width: 17%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 5%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 6%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">12/31/2023</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Masplen
    Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>1,921</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">1,206</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Pampeano
    Alimentos S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>22,238</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">11,034</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>17,041</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>805,304</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">788,189</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,407</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2,266</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>1,044,500</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">701,000</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Overseas Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>318,620</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2,927,025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>1,698,380</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">728,883</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Chile S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>5,079</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>381</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">&nbsp;133</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>59,814</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">26,536</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Frigor&iacute;fico
    Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,896</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">5,272</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Establecimientos
    Colonia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,452</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Holdings (Europe) B.V</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>131,108</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2,026,033</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>6,570,772</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">&nbsp;8,720,408</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">MF
    Foods USA LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>11,647</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">4,314</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Weston
    Importers Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>8,811,686</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2,130,854</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">1,160,538</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>&nbsp;15,173,152</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">10,848,836</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Beef International Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>1,891,992</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">1,410,824</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Beef (UK) Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">317</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marb
    Bondco PLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,756</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2,149</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">5,641</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    NBM Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">113
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">NBM
    US Holdings, Inc.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">133</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">269,059</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Beef
    Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>11,161</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">11,138</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">MFG
    Holdings SAU</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>&nbsp;546</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">1,042</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>347,554</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">370,926</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Paraguay S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">242</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">BRF
    S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>42,150</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">19,652</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>14,842</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">6,958</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Plant
    Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,007</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">7,677</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>9,509</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">9,375</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">MFG
    US Holding, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>158</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    US Holding, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Controlling
    shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Key
    management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">4</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">&nbsp;184</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Other
    related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>93</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0.05in; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">6</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,171</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>16,932</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">16,932</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,298,299</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">304,225</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>8,895,456</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-right: 0.05in; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">2,173,541</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>39,402</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">13,456</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>3,539,815</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">8,727,233</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>24,546,618</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">21,274,144</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>2,298,299</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">304,225</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 0.08in; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">26,536</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See
Note 36.5 &#8211; Other related parties.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 92; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; padding-left: 0.05in; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 7pt Aptos,sans-serif; padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #00A000"><B>Parent</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="19" STYLE="font: 7pt Aptos,sans-serif; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Recognized
    as profit or loss</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 7pt Aptos,sans-serif; border-bottom: rgb(0,112,192) 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Sales</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 7pt Aptos,sans-serif; border-bottom: rgb(0,112,192) 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Costs</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 7pt Aptos,sans-serif; border-bottom: rgb(0,112,192) 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Financial&nbsp;income</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 7pt Aptos,sans-serif; border-bottom: rgb(0,112,192) 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Financial&nbsp;expenses</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 7pt Aptos,sans-serif; border-bottom: rgb(0,112,192) 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>Administrative&nbsp;expenses</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 0.05in; text-align: right; width: 20%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font-size: 7pt; text-align: right; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; vertical-align: bottom; text-align: right; width: 7%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">YTD</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">2023</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">2023</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">2023</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">2023</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt; color: #002060">2023</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Masplen
    Ltd.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>83</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">59</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Pampeano
    Alimentos S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>184,216</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">142,518</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(15,092)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>14,182</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">14,262</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(78,646)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(71,963)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(36,461)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(27,760)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">35</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(2,327)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Overseas Ltd.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>46,293</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">150,869</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(22,274)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(6,294)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Chile S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>34,116</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">71,022</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(1,161)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(612)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Frigor&iacute;fico
    Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(2,645)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(2,961)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(1,775)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Inaler
    S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(437)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(779)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Prestcott
    International S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(123)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(845)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(761)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Establecimientos
    Colonia S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">&nbsp;378</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(1,346)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(1,087)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(1,042)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Holdings (Europe) B.V</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>113,258</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">91,345</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(273,909)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(255,551)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">MF
    Foods USA LLC</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>28,895</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">8,354</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Weston
    Importers Ltd.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>5,409,774</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">4,607,482</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>48,057</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">58,858</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(595,869)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(411,310)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Beef International Ltd.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>75,940</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">66,617</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    Beef (UK) Limited</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(9)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(23)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marb
    Bondco PLC</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(180)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(425)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Marfrig
    NBM Holdings Limited</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>3</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">8</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">NBM
    US Holdings, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>11,832</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(13)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(7,736)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(2,820)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(97,399)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(58,025)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Beef
    Holdings Limited</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>1</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">MFG
    Holdings SAU</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">&nbsp;2,185</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>24,783</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">22,158</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(5,278)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(4,133)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Quickfood
    S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(1,378)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">MFG
    US Holding, LLC</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>5</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">BRF
    S.A.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>407,942</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">307,116</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(63,611)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(53,386)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(2,825)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(16,970)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Plant
    Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>14,496</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">11,435</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Controlling
    shareholders</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>16</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">5</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Key
    management personnel</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>56</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">64</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(451)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(726)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">Other
    related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>26</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">6</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(1,085,528)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(224,599)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="padding-left: 0.05in; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font-size: 7pt; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>&nbsp;6,079,537</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">&nbsp;5,150,565</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(1,206,635)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(306,471)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>334,437</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; padding-right: 0.08in; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">404,199</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(902,802)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(676,423)</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt"><B>(204,784)</B></FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Aptos,sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial,sans-serif; font-size: 7pt">(141,417)</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">See Note 36.5 &#8211; Other related parties.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The nature of related-party transactions between Marfrig Group
companies is represented by commercial transactions (purchases and sales) and sending of cash for payment of such transactions, as well
as for working capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Intercompany transactions (instruments receivable and payable)
between parties (parent company and subsidiaries) are managed by checking accounts held between the companies based on the centralized
cash system managed by the parent company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Purchases and sales of products are made at market values. No guarantees
or estimated losses on doubtful accounts are required. These transactions involve purchase and sale of fresh meat and cattle, poultry
and lamb processed products.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Transactions between subsidiaries do not have an impact on the
consolidated financial statements, given that they are eliminated in consolidation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 93; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">36.2.
Consolidated related parties</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; padding-left: 0.05in; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Outstanding balance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Trade accounts receivable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Trade accounts payable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Notes receivable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Advances to suppliers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif; width: 9%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Key management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>466</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">488</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Plant Plus Foods LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>160</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">5,625</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Plant Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,007</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">7,677</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">130</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>9,509</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">9,375</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>93</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,171</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>16,932</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">16,932</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,298,299</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">304,225</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,110</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">7,688</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,637</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">618</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>26,601</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">31,932</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,298,299</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">304,225</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">See Note 36.5 &#8211; Other related parties.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 3pt; padding-left: 0.05in; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Recognized
    as profit or loss</B></FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Sales</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Costs</B></FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 44%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Key
    management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>66</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(451)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(726)</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plant
    Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,497</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,435</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,085,528)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(224,599)</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"></TD>
    <TD STYLE="padding-right: 0.08in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 0.08in; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,605</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 0.08in; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 0.08in; text-align: right; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11,538</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,085,979)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-right: 0.08in; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(225,325)</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">See Note 36.5 &#8211; Other related parties.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">36.3.
Related parties of assets held for sale</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding-top: 3pt; padding-left: 0.05in; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center; font-family: Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Recognized as profit or loss</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Sales</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Costs</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap; width: 44%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">YTD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Pampeano Alimentos S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>169,775</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">215,905</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;(36)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Marfrig Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(28,296)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(35,383)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Marfrig Chile S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>173,688</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">187,567</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(1,301)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Frigor&iacute;fico Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(24,941)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(19,434)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Inaler S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,332)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Prestcott International S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,653)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,241)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Establecimientos Colonia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,347</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(5,211)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(5,374)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">MF Foods USA, LLC (Marfood)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2,355</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Weston Importers Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,953,785</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2,502,726</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">National Beef Packing LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;&nbsp;(55)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(372)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">MFG Holdings SAU</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>6,550</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">31,700</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,145)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Quickfood S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(9,950)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,066)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">BRF S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>8,318</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">52,704</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(792)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Plant Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">207</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Key management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>47</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">81</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,643)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,259)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>79</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">99</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(115,400)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(350,475)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.08in; text-align: right; white-space: nowrap; font-family: Aptos,sans-serif"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-top: rgb(0,112,192) 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,312,242</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; text-align: right; white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>2,994,692</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(194,450)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(430,909)</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">See Note 36.5 &#8211; Other related parties.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<!-- Field: Page; Sequence: 94; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: center; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: center; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Recognized as profit or loss</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Sales</B></FONT></TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Costs</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">YTD</FONT></TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">YTD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Key management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>55</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">81</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(4,643)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(7,259)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Plant Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2">207</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other related parties <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>79</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2">99</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(115,400)</B></FONT></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(350,475)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0.08in; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>134</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #0070C0 2.5pt double; font: 10pt Aptos,sans-serif; padding-right: 0.08in; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2">388</TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(120,043)</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; padding-right: 0.08in; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(357,734)</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">See Note 36.5 &#8211; Other related parties.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">36.4.
Transactions with subsidiaries</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On September 3, 2024, subsidiary BRF and the Parent company
entered into a supply agreement through which subsidiary BRF will purchase inputs and meat products produced by Marfrig. The
agreement will be effective for 24 months from the date of signature, and the invoicing will be made monthly by Marfrig, based on
the volume of inputs and meat products acquired by subsidiary BRF. The expenditure estimated for all the agreement period is
R$&nbsp;550,000.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">36.5.
Other related parties</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The controlling shareholders own membership interests in other
entities that have businesses with Marfrig Group. The aggregate amount of transactions is represented above as &ldquo;other related parties&rdquo;.
Most of transactions refer primarily to sale of animals for slaughter. These transactions are carried out on an arm&rsquo;s length basis,
in accordance with internal guidelines formally established by the Company that are periodically verified by the Company&rsquo;s Management
to attest their compliance with market conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The increase in this balance refers mainly to the contracts signed
with MFG Agropecu&aacute;ria Ltda., in order to guarantee the supply of cattle starting in 2024. Based on an amendment signed between
the parties, a credit from purchases made between March 2024 and December 2024 is granted, in the amount of R$ 111,558. The realization
of this credit will occur starting in February 2025.</P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Trebuchet MS Negrito,serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif">37.
<FONT STYLE="text-transform: none">MANAGEMENT COMPENSATION</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The compensation policy is designed to establish the criteria,
responsibilities and directions for the short- or long-term compensation program of Marfrig Group&rsquo;s Management (Bonus and Stock
Option). The purpose of this policy is to motivate the Company&rsquo;s executive officers to grow and develop to achieve maximum performance,
in line with the business objectives, through a short- and long-term reward payout.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Compensation, Corporate Governance and Human Resources Committee
is the advisory body to the Board of Directors in assessing management compensation. The committee is composed solely of members of the
Company&rsquo;s Board of Directors and one of them is the Committee Coordinator.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The parameters used to determine management compensation are based
on market practices.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">37.1.
Board of Directors</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The compensation of the Board of Directors is set annually for
each director and paid monthly, with no variable compensation. The board members&rsquo; compensation is determined through market research
with the major companies in the industry whereby a compensation base is defined and submitted to the Company&rsquo;s Compensation, Corporate
Governance and Human Resources Committee for validation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">37.2.
Officers appointed as per Bylaws</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Board of Executive Officers&rsquo; compensation consists of
a fixed and a variable portion.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 95; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Fixed portion</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">An annual amount is set for each member and paid on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Variable portion</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Consists of short-term (bonus) and long-term (stock option) compensation.
In general, the goals set by the Company for Management evaluation refer to economic objectives and individual goals. As part of the compensation
payment, the Company may determine that up to 70% of its Managers&rsquo; variable compensation be paid by directly granting treasury shares,
with the calculation of the share price, in accordance with Article 4, Sole Paragraph of CVM Resolution 77/22, based on the average share
price in the last 20 trading sessions prior to the payment date of the variable compensation, which occurred on April 30, 2024.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The gain on the Stock Option Plan is tied to the appreciation of
the market price of the share, i.e. the value added to the Company by the performance of the individual and the Management as a whole
will reflect on the gain on the stock option plan, maintaining at the same time its interests in line with the Company&rsquo;s interests
in the long term.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The exercise price of the stock options related to share-based
compensation under &ldquo;Specific Programs&rdquo; is the average of the last 20 trading sessions prior to the first business day of March
of each year and the grant price with a 50% discount starting with the grants in 2010.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The vesting period follows these criteria:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="vertical-align: top; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">25% after 12 months of the grant;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">25% after 24 months of the grant;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">25% after 36 months of the grant; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">25% after 48 months of the grant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The officers&rsquo; compensation is determined through market research
with the major companies in the industry whereby measurement criteria are established according to the significance of the position within
the organization. The macro policies are approved by the Compensation, Corporate Governance and Human Resources Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">37.3.
Audit Board</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s Audit Board was set up after approval at the
Annual General Meeting held on April 30, 2010. In the by-laws amended by the Special Shareholders&rsquo; Meeting held on March 11, 2011,
the Audit Board became a permanent body. The Audit Board&rsquo;s compensation is fixed on an annual basis and paid on a monthly basis.
There is no variable portion.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">37.4.
Consolidated compensation</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The compensation of Management and Board members is made up of
the compensation of five members of the Board of Directors (the other two opted for not receiving compensation as board members, one of
whom is also a member of the Statutory Board of Executive Officers and receives compensation from that body), six members of the Audit
Board (three of whom are alternate members) and four officers appointed as per the Company&rsquo;s bylaws.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The added value of the compensation received by the Company&rsquo;s
Management and Board members for their services is defined through market practices, with the participation of the Compensation, Corporate
Governance and Human Resources Committee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 75%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Description</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">12/31/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Consolidated management compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>41,820</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">33,184</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>41,820</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">33,184</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<!-- Field: Page; Sequence: 96; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">37.5.
Stock option plan</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In 2024, a total of 30,311 shares were transferred to the Company&rsquo;s
Management under the stock option plans.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The changes in options exercised throughout the fiscal year are
shown below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 97%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 1%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Total options exercised by month</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Number of shares exercised</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Average
market price (R$ per share)&nbsp;<SUP>(a)</SUP></B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">June/24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">8,265</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">11.13</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">September/24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;22,046</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #EEECE1 1pt solid; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">14.22</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Options exercised in 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;30,311</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><SUP>(a)</SUP>
Average monthly price disclosed by B3 S.A. - Brasil, Bolsa, Balc&atilde;o of Marfrig&rsquo;s common shares, ticker MRFG3.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="color: rgb(0,160,0); padding-top: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: left; width: 69%; padding-bottom: 3pt"><B>Consolidated
    changes</B></TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 15%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>2024</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 15%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">2023</FONT></TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap"><B>(Options)</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"></TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap"><B>Opening balance</B></TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>30,311</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">468,263</FONT></TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">Options exercised</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(30,311)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2">(409,523)</TD>
    </TR>
<TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap">Options canceled and expired </TD>
    <TD STYLE="padding-right: 0.08in; border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-</B>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2">(28,429)</TD>
    </TR>
<TR STYLE="font: 2pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 2pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap"><B>Closing balance</B></TD>
    <TD STYLE="padding-right: 0.08in; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><B>-</B>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.08in; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2">30,311</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The expected dilution of equity interest of current shareholders,
when stock options are exercised at the vesting date, was closed as presented above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company recognized expenses relating to the granting of plans
in effect for 2024 and 2023, as detailed below:</P>


<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; width: 69%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Effects from the exercise of options (R$ &rsquo;000)</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right; width: 15%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right; width: 1%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right; width: 15%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Amount received from disposal of shares - Exercised options</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>187</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">1,128</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Cost of treasury shares disposed of</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(364)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(2,916)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Aptos,sans-serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Effect on disposal of shares</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>(177)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(1,788)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Due to the exercise of stock options, the Company incurred costs
with the sale of treasury shares of R$ 364. In 2024, the book value of treasury shares was recorded under the Company&rsquo;s equity in
the amount of R$ 64,620 (R$ 23,277 in 2023).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Changes to the stock option programs are presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 0.05in; padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; width: 17%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Plans</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 10%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Granting date</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Performance<BR>
 (vesting)<BR>
 period</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Option<BR>
 expiration<BR>
 date</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Options<BR>
 granted</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Vested<BR>
 options</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Options<BR>
 exercised<BR>
 in the<BR>
 period</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Options<BR>
 exercised<BR>
 and/or<BR>
 canceled in<BR>
 prior<BR>
 periods</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 10%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Outstanding<BR>
 agreements</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 9%; padding-bottom: 3pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Option<BR>
 exercise<BR>
 price</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-left: 0.05in; border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Options Exercised/Canceled in Previous Periods</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,954,382</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,924,071</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,924,071</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>30,311</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #0070C0 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ESP XIV LP 19-20</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">11/11/2020</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">3/3/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">2/9/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">30,311</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">30,311</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;30,311</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">R$ 6.1857</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-left: 0.05in; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total at</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,954,382</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,954,382</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>30,311</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,924,071</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<!-- Field: Page; Sequence: 97; Value: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-top: Gray 1.5pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 85%">&nbsp;<IMG SRC="ex99-1_002.jpg" ALT=""></TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 5%"></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">37.6.
Direct granting of shares</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In 2024, 1,272,107 shares were transferred to the Company&rsquo;s
Management.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="padding-left: 0.05in; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total shares granted by month</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; padding-left: 0.05in; text-align: left; white-space: nowrap; width: 78%; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Period</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; padding-left: 0.05in; text-align: left; white-space: nowrap; width: 1%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; padding-left: 0.05in; text-align: left; white-space: nowrap; width: 1%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; font: 10pt Aptos,sans-serif; padding-left: 0.05in; white-space: nowrap; width: 20%; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Number of shares granted</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">January</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,378</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">February</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,241</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">April</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>458,636</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">May</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>248,181</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">June</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>12,140</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">July</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,255</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">August</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>4,300</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">September</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>5,223</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">October</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>418,492</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">November</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,434</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">December</FONT></TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-bottom: #D9D9D9 1pt solid; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>116,827</B></FONT></TD>
    </TR>
  <TR STYLE="font: 3pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; padding-left: 0.05in; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 0.05in; font: 10pt Aptos,sans-serif; text-align: left; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Shares granted - 2024</B></FONT></TD>
    <TD STYLE="padding-left: 0.05in; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; text-align: left; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.05in; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; font: 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 0pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>1,272,107</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Trebuchet MS Negrito,serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif">38.
<FONT STYLE="text-transform: none">ADDITIONAL INFORMATION OF THE CASH FLOW STATEMENTS</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In compliance with items 43 and 44(a) of NBC TG 03/R3 (CVM Resolution
92/22) - Statement of Cash Flows, the following table presents the changes in liabilities from financing activities arising from operations
with and without cash effect.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="14" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Description</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at<BR>
 December 31,<BR>
 2023</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #021F59"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #021F59"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Cash flow</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>New<BR>
 contracts</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Non-cash change</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at<BR>
 December 31,<BR>
 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Exchange rate<BR>
 fluctuation</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Reclassification to<BR>
 assets held for sale</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Other </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366"><SUP>(a)</SUP></FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans, financing and debentures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,394,670</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,919</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,238,252</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,280,407</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,739,610 &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,253,858</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,990</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,394)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360,608</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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;(676)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,327</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373,855</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital reserves and treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515,881)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560,970)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433,432)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631,153) &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,141,436)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,087,328</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,630,618</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,717,946</B></FONT></TD></TR>
  <TR STYLE="font-size: 4pt">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt; font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt; font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt; font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt; font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt; font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 3pt; font-size: 4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,984,107</FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; padding-right: 3pt; border-bottom: #0070C0 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,665,173</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; border-bottom: #0070C0 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360,608 </B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; padding-right: 3pt; border-bottom: #0070C0 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804,820</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; padding-right: 3pt; border-bottom: #0070C0 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,279,731</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; padding-right: 3pt; border-bottom: #0070C0 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,109,784&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: middle; padding-right: 3pt; border-bottom: #0070C0 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,204,223</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">The amounts presented under other for loans, financing, debentures
and leases payable refer to interest expenses incurred, cost of issuing in financial operations and adjustment to present value of leases
in the fiscal year.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 31%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 9%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 9%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 9%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 9%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 9%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 9%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; width: 9%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: White; text-align: left; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Description</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at<BR>
 December 31,<BR>
 2023</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: top; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Cash flow</B></FONT></TD>
    <TD COLSPAN="8" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Non-cash change</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at<BR>
 December 31,<BR>
 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>New<BR>
 contracts</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Exchange rate<BR>
 fluctuation</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Reclassification to <BR>
assets held for sale</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Other </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366"><SUP>(a)</SUP></FONT></B><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,258,511 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(638,356)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373,957)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867,770</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,113,968</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans, financing and debentures</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,585,592 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,081,859)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,945,412</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,280,407</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,394,079 &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,123,631</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,238,561 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,314,391)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;1,736,088</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212,189</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,429</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,896,200</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital reserves and treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515,881)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,210,856)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433,432)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,733</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,141,436)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,738,139 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,384,349 </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204,151</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,326,639</B></FONT></TD></TR>
  <TR STYLE="font-size: 4pt">
    <TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,304,922 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 0pt; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,861,113)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,736,088 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,554,363</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,279,731</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,305,011&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,319,002 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">The amounts presented under other for loans, financing, debentures
and leases payable refer to interest expenses incurred, cost of issuing in financial operations and adjustment to present value of leases
in the fiscal year and for non-controlling interest refers to the amount attributed to profit or loss for the fiscal year.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: Gray 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 25%"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 86px; width: 100px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated financial statements</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Years ended December 31, 2024 and 2023</FONT></TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><TD STYLE="border-bottom: Gray 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Trebuchet MS Negrito,serif; color: #1374FB; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial Black,sans-serif">39.
EVENTS AFTER THE REPORTING PERIOD</FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Sale of assets</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On February 11, 2024, there was an update on the sale of Uruguay
assets (&ldquo;discontinued operation&rdquo;), as disclosed in Note 12 &#8211; Assets and liabilities held for sale and discontinued operations.&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea024266202ex99-2_brf.htm
<DESCRIPTION>MARFRIG GLOBAL FOODS S.A. INTERIM FINANCIAL INFORMATION, INDIVIDUAL AND CONSOLIDATED AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 7pt Times New Roman, Times, Serif">

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; color: #021F59"><FONT STYLE="font-size: 10pt; color: Black"><B>Exhibit
99.2</B></FONT></P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 35.45pt 0pt 0; color: #021F59"></P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 35.45pt 0pt 0; color: #021F59">&nbsp;</P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 35.45pt 0pt 0; color: #021F59"><B>CONTENTS</B></P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 35.45pt 0pt 0; color: #021F59"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Independent
    auditor's report</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Independent Auditor&rsquo;s
    Report on the Separate and Consolidated Financial Statements</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">03</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; width: 92%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Financial
    Statements</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balance sheet</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">05</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of income</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">07</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of comprehensive
    income</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">08</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of cash
    flows</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of changes
    in equity</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of value
    added</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Management
    Report</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management report</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Notes
    to the separate and consolidated financial statements</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operations</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Presentation and preparation
    of the parent company and consolidated financial statements</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Summary of material accounting
    policies</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Assets</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial investments and marketable
    securities</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade accounts receivable</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Biological assets</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recoverable taxes</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes receivable</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advances to suppliers</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets and liabilities held
    for sale and discontinued operations</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred income and social
    contribution taxes</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment property</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Liabilities
    and Equity</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade accounts payable</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued payroll and related
    charges</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes payable</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans, financing and debentures</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advances from customers</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease payable</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes payable</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision for contingencies</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Income
    or Loss</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net sales revenue</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Costs and expenses by nature</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net financial result</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings (loss) per share</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD></TR>

<TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Financial
    instruments</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial instruments and risk
    management </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Taxes
    on income</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income and social contribution
    taxes </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Other
    information</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Segment reporting </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insurance coverage </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related-party transactions
    </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management compensation </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional information of the
    cash flow statements </FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Events after the reporting
    period</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB">Statements</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of executive
    officers on the financial statements</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement of executive
    officers on the independent auditors report</FONT></TD>
    <TD STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="ex99-2_001.jpg" ALT=""></P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(Free translation from the original issued in Portuguese. In the event
of any discrepancies, the Portuguese language version shall prevail.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 25pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4F2D7E"><B>Independent auditors' report on <BR>
review of interim
financial <BR>
information</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: rgb(79,45,126) 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt"><B>Grant Thornton Auditores </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt"><B>Independentes Ltda.</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Av. Eng. Luiz Carlos Berrini, 105 -</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12<U><SUP>o</SUP></U> andar,
Itaim Bibi - S&atilde;o Paulo (SP)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brasil</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T +55 11 3886-5100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">www.grantthorntan.com.br</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
the board of Directors and Shareholders of</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt"><B>Marfrig
Global Foods S.A.</B></FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">S</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&atilde;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">o
Paulo &ndash; SP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F2D7E"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; color: #4F2D7E"><FONT STYLE="font-size: 10pt"><B>Introduction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have reviewed the accompanying individual
and consolidated interim financial information of Marfrig Global Foods S.A. (the Company), comprised in the Quarterly Information Form
for the quarter ended March 31, 2025, comprising the balance sheet as of March 31, 2025, and the respective statements of income, of
comprehensive income, of changes in shareholders' equity and cash flows for the period of three months then ended, including the explanatory
notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Management is responsible for the
preparation of the individual and consolidated interim financial information in accordance with NBC TG 21 &ndash; Interim Financial
Reporting and with international standard IAS 34 &ndash; Interim Financial Reporting, as issued by the International Accounting Standards
Board [Iasb], such as for the presentation of these information in accordance with the standards issued by the Brazilian Exchange
Securities Commission, applicable to the preparation of interim financial information. Our responsibility is to express a conclusion
on this interim financial information based on our review.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F2D7E"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F2D7E"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4F2D7E"><FONT STYLE="font-size: 10pt"><B>Review scope</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Open Sans,sans-serif; text-align: left; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We conducted our review in accordance with the
Brazilian and International standards on reviews of interim information (NBC TR 2410 <FONT STYLE="color: #777777">-</FONT> Review of
Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information
Performed by the Independent Auditor of the Entity, respectively). The review of interim information consists of making inquiries, primarily
of persons responsible for the financial and accounting matters and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with audit standards and, consequently, does not enable us to obtain assurance that
we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></P>

<P STYLE="font: 11pt Open Sans,sans-serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 70%"></TD><TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; font-size: 8pt; width: 30%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; margin: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2025 Grant Thornton Auditores Independentes Ltda. All rights reserved | Marfrig Global Foods | GTB52675&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(79,45,126)"><B>03</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80"><IMG SRC="ex99-2_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; color: #512E80"><FONT STYLE="font-size: 10pt"><B>Conclusion on the
individual and consolidated interim financial information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0; color: rgb(11,11,11)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based
on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information
included in the quarterly information form referred to above has not been prepared, in all material respects, in accordance with NBC
TG 21 and IAS 34 applicable to the preparation of interim financial information and presented in accordance with the standards issued
by the Brazilian Securities Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #512E80"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #512E80"><FONT STYLE="font-size: 10pt"><B>Other matters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00A3B3"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; color: #00A3B3"><FONT STYLE="font-size: 10pt"><B>Statements of value
added</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">The quarterly information
referred to above includes the individual and consolidated statements of value added for the period of three months ended March 31, 2025,
prepared under the responsibility of the Company's management, and presented as supplementary information for the purposes of IAS 34.
These statements were submitted to the same review procedures in conjunction with the review of the Company's interim financial information
in the order to conclude they are reconciliated to the interim financial information and to the accounting records, as applicable, and
whether the structure and content are in accordance with the criteria established in the NBC TG 09 - Statement of Value Added. Based
on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added were not prepared,
in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&atilde;o
Paulo, May 15, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">Grant Thornton Auditores
Independentes Ltda.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">CRC 2SP-025.583/O-1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #0B0B0B; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt">/s/ Jefferson Coelho Diniz</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">Jefferson Coelho Diniz</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #0B0B0B"><FONT STYLE="font-size: 10pt">Accountant CRC 1SP-277.007/O-8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0B0B0B">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%"></TD><TD STYLE="border-bottom: rgb(79,45,126) 1.5pt solid; font-size: 8pt; width: 30%">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-top: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(11,11,11)">&copy;
2025 Grant Thornton Auditores Independentes Ltda. All rights reserved | Marfrig Global Foods | GTB52675&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(81,46,128)"><B>04</B></FONT></P>

<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 8.5pt/97% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #021F59"><B>MARFRIG
    GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Balance
    sheet</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)">As
    at March 31, 2025 and December 31, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In
    thousands of Brazilian reais - R$)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="11" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>ASSETS</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 46%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>NE</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">12/31/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CURRENT
    ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>4</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>263,664
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">732,320
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,855,210
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,516,687
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,074,381
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,717,946
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;16,121,532
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,002,828
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,285,525
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,153,215
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,919,133
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,175,814
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>7</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>655,099
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">664,152
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;11,062,645
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11,482,938
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Biological
    assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,724,163
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,926,421
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recoverable
    taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>900,359
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">756,930
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,801,014
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,235,325
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepaid
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;14,210
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,229
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>644,435
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,830
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes
    receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>670,476
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">650,180
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;34,280
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;59,452
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advances
    to suppliers</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>11</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;57,021
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,458,770
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>419,009
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,739,402
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,967
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,629
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>253,747
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;84,969
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restricted
    cash</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>262,686
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">276,025
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
    receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,169
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;851
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    receivables</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>80,548
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;98,457
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>610,991
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">586,066
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;14,006,250
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,246,828
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;48,710,014
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;53,512,608
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets
    held for sale</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>931,355
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">999,649
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,343,629
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,422,058
    </FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;14,937,605
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;21,246,477
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;50,053,643
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;54,934,666
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NON-CURRENT
    ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    investments and marketable securities</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>5</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>291,374
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323,811
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;24,767
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;22,620
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judicial
    deposits</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;55,871
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;58,201
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>489,427
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">487,501
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recoverable
    taxes&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,404,988
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,509,034
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,601,944
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,141,498
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes
    receivable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,699,430
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,890,719
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,243
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,635
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restricted
    cash</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;64,287
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;60,790
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred
    income and social contribution taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>13</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,947,201
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,505,854
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,108,406
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,476,955
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;14,710
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>412,814
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">251,582
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    receivables&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;733
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;409
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>218,909
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">249,999
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;10,122,933
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,964,229
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;16,220,171
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;16,023,391
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Biological
    assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>8</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; white-space: nowrap; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,385,909
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,787,237
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>14</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;25,450,335
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;23,231,783
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>700,270
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224,843
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
    property</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>15</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>120,317
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,794
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>120,317
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,794
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>16</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,257,478
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,217,560
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;40,427,521
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;41,246,113
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use
    assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>17</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>340,603
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,527
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,775,229
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,049,362
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intangible
    assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>18</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>225,817
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">232,139
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;19,671,286
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;19,127,733
    </FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;28,394,550
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;26,157,803
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;69,080,532
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;66,552,082
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;38,517,483
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;36,122,032
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;85,300,703
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;82,575,473
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>TOTAL
    ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;53,455,088
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;57,368,509
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;135,354,346
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;137,510,139
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of the individual and consolidated
interim financial statements.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 5.4pt; white-space: nowrap; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #021F59"><B>MARFRIG
    GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 7pt; padding-left: 5.4pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)"><B>Balance
    sheet</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)">As
    at March 31, 2025 and December 31, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 9pt; padding-left: 5.4pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In
    thousands of Brazilian reais - R$)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>LIABILITIES
    AND EQUITY</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>NE</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">12/31/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CURRENT
    LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts payable</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>19</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,695,094
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,801,269
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,897,879
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,261,845
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued
    payroll and related charges</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>20</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>186,092
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217,460
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,372,190
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,351,893
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes
    payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>21</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,679
</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,818
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,215,626
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,236,661
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans,
    financing and debentures</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>22</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,989,160
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,479,301
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,621,740
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,352,851
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advances
    from customers</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>23</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,470,046
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,789,380
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,570,128
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,089,060
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease
    payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>24</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>34,158
</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,004
</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,246,651
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,204,466
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes
    payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>25</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,360
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>272,447
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220,653
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision
    for contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>26</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>721,318
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">784,296
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>46,134
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;63,917
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>104,999
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450,945
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
    and interest on equity paid</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>165
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;284
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,971
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,792
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    payables</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22,504
</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;16,113
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,150,340
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,242,969
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,466,106
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11,477,906
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;40,176,289
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;42,198,431
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liabilities
    related to held-for-sale assets</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>12</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>847,228
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">767,344
    </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,466,106
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11,477,906
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;41,023,517
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;42,965,775
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NON-CURRENT
    LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred
    income and social contribution taxes </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>13</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,525,016
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,755,947
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;6,108
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;11,767
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued
    payroll and related charges</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>20</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>457,797
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467,127
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes
    payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>21</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;848
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;58,867
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>196,041
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">258,302
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans,
    financing and debentures</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>22</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;17,824,694
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;16,774,557
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;51,261,829
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;52,770,780
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease
    payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>24</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>338,737
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">344,851
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,444,635
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,691,734
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes
    payable&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>25</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;21,732,699
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;24,486,804
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;31,812
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;39,156
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision
    for contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>26</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>285,963
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222,059
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,632,557
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,607,415
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative
    financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>989,575
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,179,321
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,198,809
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,415,527
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    payables</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>525,353
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">588,497
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;41,172,516
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;43,066,459
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;74,279,957
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;74,606,252
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share
    capital</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>27.1</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;10,367,391&nbsp;
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,367,391
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;10,367,391
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,367,391
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    reserve and treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>27.2</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,943,472)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,141,436)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,943,472)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,141,436)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal
    reserve</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>27.3</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>624,664
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">624,664
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>624,664
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">624,664
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax
    incentive reserve</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>27.4</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>964,286
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">964,286
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>964,286
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">964,286
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    reserve</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>27.5</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,637,330
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,637,330
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,637,330
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,637,330
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>27.6</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(9,921,865)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(9,628,091)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(9,921,865)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(9,628,091)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained
    earnings</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,132
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,132
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-indent: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Controlling
    shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,816,466
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824,144
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,816,466
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824,144
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
interest</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;17,234,406
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;17,113,968
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    equity</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,816,466
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824,144
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; text-align: right; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,050,872
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;19,938,112
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>TOTAL
    LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;53,455,088
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;57,368,509
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;135,354,346
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;137,510,139
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
the individual and consolidated interim financial statements.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG
    GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-size: 7pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Statement
    of income</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000">Periods
    ended March 31, 2025 and 2024</FONT></TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="font-size: 9pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In
    thousands of Brazilian reais - R$, except earnings per share)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>YTD</B></FONT>&#8239;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">YTD</FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>YTD&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">YTD</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>NE</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">2024</FONT>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59"><B>2025&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; border-bottom: #0070C0 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-right: 0pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #001F59">2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NET
    SALES REVENUE</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>28</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,481,488
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,141,416
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;39,405,009
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;31,590,916
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    of products and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,941,657)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,757,286)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(34,762,076)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(27,753,193)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>GROSS
    PROFIT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>539,831
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,130
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,642,933
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,837,723
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    expenses</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(58,200)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(316,799)</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(3,369,289)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,961,053)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selling
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(135,885)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(128,810)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(2,738,153)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,468,695)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,018)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,225)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(646,965)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(464,744)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    in earnings (losses) of subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>14</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>190,643
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(154,103)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,922
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,407)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    operating income (expenses)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(23,940)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;14,339
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;13,907
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,207)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    income before financial income (expenses)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>481,631
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;67,331
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,273,644
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">876,670
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    financial result</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>30</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(834,330)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(109,319)</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,340,081)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(972,504)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
income</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,431,575
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">824,554
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,731,428
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,926,083
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
expenses</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(2,265,905)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(933,873)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(5,071,509)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,898,587)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>LOSS
    BEFORE TAXES</B></FONT></TD>
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(352,699)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41,988)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(66,437)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 3pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(95,834)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    and social contribution taxes</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; text-align: center; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>441,347
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;68,913
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>491,801
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228,168
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    income and social contribution taxes</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>33</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;27,016
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(85,105)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 3pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(93,563)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred
    income and social contribution taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>33</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>441,347
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;41,897
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>576,906
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321,731
    </FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NET
    PROFIT FOR THE PERIOD FROM CONTINUED OPERATIONS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,648
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;26,925
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>425,364
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,334
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income (loss) for the period from discontinued operations</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>12</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,693
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,652
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income for the period from continuing and discontinued operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>424,620
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167,986
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    income attributable to:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    interest - continuing operation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,648
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;26,925
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,648
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;26,925
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(744)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,693
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(744)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,693
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Controlling
    interest</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest - continuing operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>336,716
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,409
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(41)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-controlling
    interest</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>336,716
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: gray 1pt dashed; padding-right: 5.4pt; border-bottom: gray 1pt dashed; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,368
    </FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>424,620
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167,986
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 0pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic
    and diluted earnings per share - common continuing operation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;0.1023
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;0.0423
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;0.1023
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; padding-right: 5.4pt; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;0.0423
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic
    and diluted earnings (losses) per share - common discontinued operation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.0009)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;0.0561
    </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.0009)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;0.0561
    </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>BASIC
    AND DILUTED EARNINGS (LOSSES) PER SHARE - COMMON</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>31</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;0.1014
    </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;0.0984
    </FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;0.1014
    </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;0.0984
    </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The accompanying notes are an integral part of the individual and consolidated interim financial statements.</FONT></P>


<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->07<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)"><B>Statement of comprehensive income</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)">Periods ended March 31, 2025 and 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(In thousands of Brazilian reais - R$)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; padding-top: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 54%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="width: 2%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">YTD</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">2023</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NET
    INCOME FOR THE PERIOD</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>424,620
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167,986
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    variation on net investments and balance sheet translation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(430,913)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;22,884
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(493,033)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;82,964
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains
    (losses) on net investment hedge</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;52,043
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,491)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>103,071
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(58,909)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains
    (losses) on net interest hedge</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>158,276
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(139,991)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>158,276
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(139,991)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actuarial
    gains (losses) on pension plans and post-employment benefits</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;632
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(3,590)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,252
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(7,169)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains
    on investments at FVOCI</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;324
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;642
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    amounts related to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(74,136)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,805)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(74,136)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,805)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    comprehensive income for the period</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(293,774)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(188,993)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(303,928)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(161,910)</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>TOTAL
    COMPREHENSIVE INCOME</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(205,870)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(126,375)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>120,692
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,076
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    interest - continuing operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(205,126)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(162,068)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(205,126)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(162,068)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,693
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,693
    </FONT></TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Controlling
    interest</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(205,870)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(126,375)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(205,870)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(126,375)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest - continuing operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>326,562
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,492
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-left: 5.4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(41)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-controlling
    interest</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>326,562
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132,451
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of the individual and consolidated
interim financial statements.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)"><B>Statement of cash flows </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)">Periods ended March 31, 2025 and 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(In thousands of Brazilian reais - R$)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; padding-top: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; padding-top: 2pt; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="width: 2%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">YTD</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 0pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">2024</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NET
    INCOME FROM CONTINUING OPERATIONS IN THE PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,648
    </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;26,925
    </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;88,648
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;26,925
    </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NON-CASH
    ITEMS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>449,556
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218,558
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,634,612
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,915,338
    </FONT></TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;63,609
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;33,731
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,794,756
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,696,151
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>336,716
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,409
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision
    for contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;81,492
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;17,916
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>169,462
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137,229
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred
    taxes and tax liabilities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(441,347)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41,897)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(576,906)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(321,731)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    in earnings of subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(190,643)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154,103
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(1,922)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;14,407
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    variation on financing</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(52,207)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;80,432
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(837,547)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">389,642
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    variation on other assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>204,254
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(440,651)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>926,434
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(493,776)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    expenses on financial debt</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>674,258
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">407,094
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,456,873
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,073,583
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    expenses on finance lease</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;259
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;328
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>104,014
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;98,462
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    with issue of financial operations</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;19,252
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,394
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;50,343
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;35,919
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment
    to present value and market-to-market</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;5
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>293,076
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">170,957
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Estimated
    (reversion) losses on inventories</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,053
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(1,806)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,064
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(7,032)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Estimated
    losses on doubtful accounts</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;115
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;248
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;9,775
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;30,448
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Estimated
    losses on non-realization of recoverable taxes </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;91,960
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;95,809
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,473
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revaluation
    of investment property</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(3,523)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(1,629)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(3,523)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(1,629)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    non-cash effects</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,255
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(187,812)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,174)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>EQUITY
    CHANGES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,909,207)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,170,205)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(762,689)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,555,561)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>485,927
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">506,520
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>333,699
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,413,167
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,000
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,315)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(15,766)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377,901
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Biological
    assets - current</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(166,447)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(126,190)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judicial
    deposits and contingencies</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(15,258)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,538)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(203,895)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(105,721)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrued
    payroll and related charges </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(31,368)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(2,592)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(12,756)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(134,445)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts payable and supplier chain financing</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>292,213
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,738,468)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>927,984
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(3,084,886)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    and deferred taxes</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(178,029)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,557
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,942
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">275,148
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes
    receivable and payable</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(2,240,520)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(985,483)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,159,947)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,992)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(245,167)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108,550
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(196,156)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;51,441
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;15,995
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(436)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(277,347)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(197,984)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CASH
    FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,371,003)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,924,722)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,960,571
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,386,702
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(58,267)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,859)</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(511,106)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,485)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    from acquisition of related-party</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;15,272
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in fixed assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(78,300)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(84,752)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(501,747)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(409,289)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in non-current biological assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(389,802)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(353,243)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(48,352)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(41,018)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,643,565
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,657,645)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,831,292
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,379,097)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CASH
    FLOW PROVIDED BY (USED IN) INVESTING ACTIVITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,506,998
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,769,256)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>395,557
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,222,132)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans
    and financing</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,081,307)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">601,244
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(2,409,049)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,928,968)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans
    obtained</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,864,571
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,521,407
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;24,060,233
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,582,974
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans
    settled</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(2,945,878)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(920,163)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(26,469,282)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(20,511,942)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment
    of derivatives - fair value hedge</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(52,867)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(85,737)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leases
    paid</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(1,224)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(1,366)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(302,346)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(294,627)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
    shares</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(383,037)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(63,928)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(799,778)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(199,023)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
    received (paid) in the period</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(119)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">993,300
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(119)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-
    </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CASH
    FLOW PROVIDED BY (USED IN) FINANCING ACTIVITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(1,465,687)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,529,250
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(3,564,159)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,508,355)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange
    variation on cash and equivalents</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(138,964)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;76,661
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(568,340)</B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,960
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discontinued
    operations net of cash</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">250,861
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>114,894
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">241,475
    </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CASH
    FLOW IN THE PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(468,656)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,837,206)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(661,477)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,766,350)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CASH
    AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balance
    at end of the period</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>263,664
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103,031
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,855,210
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; vertical-align: bottom; border-bottom: #EEECE1 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,693,862
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balance
    at beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>732,320
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,940,237
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,516,687
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,460,212
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>CHANGE
    IN THE PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(468,656)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,837,206)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(661,477)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,766,350)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of the individual and consolidated
interim financial statements.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font-size: 12pt; white-space: nowrap; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)"><B>Statement of changes in equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)">Periods ended March 31, 2025 and 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 9pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(In thousands of Brazilian reais - R$)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: -0.125in; border-top: #0070C0 1.5pt solid; padding-left: 0.25in; padding-top: 6pt; width: 20%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Share
    capital</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Capital
    reserve&nbsp;and treasury<BR>
    shares</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Legal
    reserve</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Tax
    incentive<BR>
    reserve</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Earnings<BR>
    reserve</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Other<BR>
    comprehensive<BR>
    income</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Acumulated<BR>
    losses</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Total</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Total
    non-<BR>
    controlling<BR>
    interest</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 1%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; width: 7%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Total
    equity</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1374FB"><B>AT
    DECEMBER 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;10,367,391
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(515,881)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>484,848
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>229,403
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,927,390
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(5,861,827)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>7,631,324
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;17,258,511
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;24,889,835
    </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cumulative
    translation adjustment and asset valuation adjustment </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(49,710)</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">22,884
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;229
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(26,597)</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;60,080
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;33,483
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aquisition of
    treasury shares </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(63,928)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(63,928)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(63,928)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Losses on net
    investment hedge </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(29,491)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(29,491)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(29,418)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(58,909)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Losses on net
    interest hedge </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(139,991)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(139,991)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(139,991)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Actuarial losses
    on pension plans and post-employment benefits </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3,590)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(3,590)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(3,579)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;(7,169)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Share-based
    payment in subsidiary BRF </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;2,810
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;2,810
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;2,802
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;5,612
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasury shares
    in subsidiary BRF </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(67,631)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(67,631)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(67,464)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(135,095)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Gain on BRF
    capital transactions </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;1,012
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;1,012
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;1,012
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Equity amounts
    related to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(38,805)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(38,805)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(38,805)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Net income for the period </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">105,368
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">167,986
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1374FB"><B>AT
    MARCH 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;10,367,391
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(693,328)</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">484,848
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">229,403
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2,927,390
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(6,050,820)</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;62,847
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">7,327,731
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;17,326,300
    </FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;24,654,031
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Share
    capital</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Capital
    reserve&nbsp;and treasury<BR>
    shares</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Legal
    reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Tax
    incentive<BR>
    reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Earnings<BR>
    reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Other<BR>
    comprehensive<BR>
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Retained<BR>
    earnings</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Total
    non-<BR>
    controlling interest</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #021F59"><B>Total
    equity</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1374FB"><B>AT
    DECEMBER 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>10,367,391
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(2,141,436)</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>624,664
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>964,286
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,637,330
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;(9,628,091)</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;-</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,824,144
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;17,113,968
    </B></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;19,938,112
    </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cumulative translation
    adjustment and asset valuation adjustment </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">144,186
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(430,913)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;228
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(286,499)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(62,120)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(348,619)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Aquisition of
    treasury shares </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(383,037)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(383,037)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(383,037)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Gains on net
    investment hedge </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;52,043
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;52,043
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;51,028
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">103,071
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Gains on net
    interest hedge </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;158,276
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">158,276
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">158,276
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Actuarial gains
    on pension plans and post-employment benefits </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">632
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;632
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;620
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;1,252
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Gains on investments
    at FVOCI </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">324
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;324
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;318
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;642
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Share-based
    payment in subsidiary BRF </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;197
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;197
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;193
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;390
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasury shares
    in subsidiary BRF </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(210,424)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(210,424)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(206,317)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(416,741)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Capital transactions
    with related party </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">647,042
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">647,042
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">647,042
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Equity amounts
    related to assets held for sale&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(74,136)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(74,136)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(74,136)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; border-bottom: #EEECE1 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Net income for
    the period </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;87,904
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;87,904
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">336,716
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; text-align: right; background-color: #F2F2F2; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">424,620
    </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #1374FB"><B>AT
    MARCH 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>10,367,391
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(1,943,472)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>624,664
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>964,286
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,637,330
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(9,921,865)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>88,132
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,816,466
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>17,234,406
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>20,050,872
    </B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of the individual and consolidated
interim financial statements.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)"><B>Statement of value added</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,160,0)">Periods ended March 31, 2025 and 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(In thousands
    of Brazilian reais - R$)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #0070C0 1.5pt solid; padding-top: 2pt; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="width: 2%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">YTD</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-bottom: 2pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>REVENUE</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,664,975
    </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,298,227
    </FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;42,228,357
    </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;33,831,571
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales
    of goods and services</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,664,931
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,298,330
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;41,847,203
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;33,640,436
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    revenues</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;159
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;145
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>390,929
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221,583
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Estimated
    losses on doubtful accounts </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(115)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(248)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;(9,775)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(30,448)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>INPUTS
    PURCHASED FROM THIRD PARTIES (including taxes - ICMS, IPI, PIS and COFINS)</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,032,680
    </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,815,311
    </FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;33,916,778
    </B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;26,737,798
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,586,327
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,505,917
    </FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;28,106,430
    </B></FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;22,220,478
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Materials,
    energy, outsourced services and other</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>444,300
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">311,200
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,805,284
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,524,352
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment/recovery
    of assets</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,053
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(1,806)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,064
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;(7,032)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>GROSS
    VALUE ADDED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>632,295
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">482,916
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,311,579
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,093,773
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63,609
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;33,731
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,794,756
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,696,151
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>NET
    VALUE CREATED BY THE COMPANY</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>568,686
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">449,185
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,516,823
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,397,622
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>VALUE
    ADDED RECEIVED THROUGH TRANSFER</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,621,474
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,004,124
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,836,305
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,412,701
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    in earnings (losses) of subsidiaries</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>190,643
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(154,103)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,922
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,407)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    income</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,431,575
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">824,554
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,731,428
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,926,083
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discontinued
    operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(744)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">333,673
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>102,955
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">501,025
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>TOTAL
    VALUE ADDED TO BE DISTRIBUTED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,190,160
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,453,309
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;10,353,128
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,810,323
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>VALUE
    ADDED DISTRIBUTION</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,190,160
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,453,309
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;10,353,128
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,810,323
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>EMPLOYEES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>178,290
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138,236
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,539,585
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,997,259
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Direct
    compensation</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>130,023
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,151
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,867,417
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,441,898
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Benefits</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;37,114
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;26,148
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>570,512
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465,390
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FGTS
    (severance pay fund)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;11,153
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,937
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>101,656
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;89,971
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>TAXES
    PAYABLE </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(346,662)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;16,586
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,115,259
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,193,471
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Federal</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(393,246)</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32,004)</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>253,734
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366,938
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">State</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;42,625
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;44,095
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>839,799
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">803,108
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Municipal</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,959
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,495
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;21,726
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;23,425
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>VALUE
    DISTRIBUTED TO PROVIDERS OF CAPITAL</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,270,628
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,235,869
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,273,664
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,451,607
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    expenses</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,265,905
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">933,873
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,071,509
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,898,587
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rentals</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,723
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,016
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;98,456
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;87,648
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discontinued
    operation</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297,980
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>103,699
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465,372
    </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1374FB"><B>VALUE
    DISTRIBUTED TO SHAREHOLDERS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>424,620
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167,986
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    income from operations in the period</FONT></TD>
    <TD STYLE="border-top: #EEECE1 1pt solid; border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;&nbsp;87,904
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;62,618
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>336,716
    </B></FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #EEECE1 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,368
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of the individual and consolidated
interim financial statements.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="padding-bottom: 3pt; border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">1. <FONT STYLE="text-transform: none">OPERATIONS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Marfrig Global Foods S.A. (&ldquo;Company&rdquo;
or &ldquo;Marfrig&rdquo;) is a multinational corporation operating in the food industry, in the food service, retail and convenience,
industrial and export channels in Brazil and around the world. With a production footprint spanning the Americas, it has a diversified
and comprehensive portfolio of products and its operations are founded on its commitment to excellence and quality, which has assured
its products presence in the world&rsquo;s largest restaurant chains and supermarkets, as well as homes in nearly 100 countries. The Company&rsquo;s
activities include the production, processing, further processing, sale and distribution of animal-based products (beef, pork, lamb, fish
and poultry), pastas, margarine, pet food, plant-based proteins, including also breeding, rearing and confinement processes and agricultural
production focused on the cultivation of grains and fodder for animal feed. The Company is domiciled in Brazil and headquartered in the
city of S&atilde;o Paulo.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company is a publicly held corporation
with its shares listed on the New Market listing segment of the Brazilian Stock Exchange B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o
(&ldquo;B3&rdquo;) under the ticker MRFG3. Because it is listed on the Novo Mercado special corporate governance segment of B3, the Company
is subject to arbitration under the Market Arbitration Chamber, pursuant to the arbitration clause in its by-laws. It also trades as a
Level I American Depositary Receipt (ADR), under the ticker MRRTY, on the Over-the-Counter (OTC) Market in the United States. Each ADR
(USOTC:MRRTY) corresponds to one common share (BOV:MRFG3).</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s stock is also a component
of the main performance indicators of Brazil&rsquo;s Capital Markets, such as the Bovespa Index. The Company stock is also a component
of the stock indexes of the Brazilian Stock Exchange: Bovespa Index (IBOV); Value Index (IVBX 2); Agribusiness Index (AGFS - IAGRO); BM&amp;FBOVESPA
Broad Brazil Index (IBrA); Brazil Index 100 (IBrX 100); Brazil Index 50 (IBrX 50); Consumption Index (ICON); Corporate Governance Trade
Index (IGCT); Special Corporate Governance Stock Index (IGC); Novo Mercado Corporate Governance Index (IGC-NM); Industrial Sector Index
(INDX); Special Tag-Along Stock Index (ITAG); Small Cap Index (MLCX); and BM&amp;FBOVESPA Dividend Index (IDIV B3). The Company's stock
is also part of the sustainability reference index: Carbon Efficient Index (ICO2).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">2.&nbsp;<FONT STYLE="text-transform: none">PRESENTATION
AND PREPARATION OF THE INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL STATEMENTS</FONT></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Management of the Company approved the
issue of these individual and consolidated interim financial statements on May 15, 2025, and warrants that, based on its judgment, all
material information is substantiated and corresponds to that used in its management activities.</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/14pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB">2.1.
Statement of compliance</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt; text-align: justify"><B>Consolidated interim financial statements</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s consolidated interim financial
statements were prepared and are presented in accordance with accounting policies adopted in Brazil and with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The accounting policies adopted in Brazil
include those provided for in Brazilian Corporation Law, the Brazilian Accounting Standards (NBCs) and resolutions and instructions issued
by the Securities and Exchange Commission of Brazil (CVM).</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The individual and consolidated Statement
of Value Added is required under Brazilian Corporation Law and the accounting policies adopted in Brazil applicable to listed companies.
IFRS standards do not require said statement. As a result, under IFRS, this statement is being presented as supplementary information,
without prejudice to the complete set of interim financial statements.</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Individual interim financial statements</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The parent company interim financial statements
were prepared based on the accounting policies adopted in Brazil and resolutions issued by CFC and are disclosed jointly with the consolidated
financial statements, observing the accounting guidelines based on Brazilian Corporation Law (Federal Law 6,404/76), which include the
provisions introduced, amended and revoked by Law 11,638 of December 28, 2007 and Law 11,941 of May 27, 2009. The aforementioned laws
include other changes, but only the main changes occurred for the Company are presented.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">There is no difference between the equity
and consolidated income (loss) and the parent&rsquo;s equity and income (loss) disclosed in the interim financial statements. Thus, the
interim financial statements are being presented in the same document.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/14pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB">2.2.
Basis of presentation</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The interim financial statements were prepared
on the historical cost basis, unless otherwise stated. Assets, liabilities and financial instruments, when indicated, may be stated at
fair value.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The preparation of interim financial statements
in accordance with IFRS and NBCs requires the use of certain accounting estimates by the Company&rsquo;s management. The areas involving
judgment or the use of estimates relevant for the financial statements are mentioned in Note 3.1.3 to the financial statements as of December
31, 2024.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The interim financial statements are denominated
in Brazilian real (R$), which is the Company&rsquo;s functional and reporting currency.</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt/14pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB">2.3.
Functional currency</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The interim financial statements of each consolidated
subsidiary and those used as a basis for accounting for investments under the equity method are prepared using the functional currency
of each entity.</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under NBC TG 02/R3 (CVM Resolution 91/22)
&ndash; The Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements, functional currency is the currency
of the primary economic environment in which the entity operates. To define the functional currency of each subsidiary, Management considered
which currency significantly influences the sale price of their goods and services and the currency in which most of their production
input costs are paid or incurred.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt/14pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB">2.4.
Foreign currency translation</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify"><B>Transactions and balances</B></P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Foreign currency transactions are translated
into the functional currency of the Company using the exchange rate at the transaction date. Gains and losses resulting from the difference
between the monetary asset and liability balance translation at the end of the period or year and the translation of the transaction balances
are recognized in the statement of income. Non-monetary assets and liabilities in foreign currency measured at fair value are translated
at the exchange rate on the date on which their fair value is determined and the differences resulting from such translation will be recognized
under other comprehensive income on the closing date of each period or fiscal year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify"><B>Group companies</B></P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The results of operations and the financial
position of all consolidated subsidiaries and investments accounted for under the equity method, whose functional currency differs from
the reporting currency, are translated from the reporting currency, as follows:</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a)</TD><TD STYLE="text-align: justify">Asset and liability balances are translated using the exchange
rate in effect at the date of the consolidated financial statements;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">Statement of income accounts are translated using the monthly
average exchange rate, except for subsidiaries located in hyperinflationary economies (closing rate); and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c)</TD><TD STYLE="text-align: justify">All differences arising from the foreign currency translation
are recognized in equity and in the statement of comprehensive income under &ldquo;Cumulative translation adjustment&rdquo;.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial black, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 3. <FONT STYLE="text-transform: none">SUMMARY OF MATERIAL ACCOUNTING POLICIES</FONT></P>



<P STYLE="font: 8pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 2pt"> 3.1. Material accounting policies</P>



<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The individual and consolidated interim
financial statements were prepared in accordance with NBC TG 21/R4 (CVM Resolution 102/22) &ndash; Interim Financial Statements, which
sets forth the minimum interim accounting information to be reported and the principles of recognition and measurement for complete or
condensed interim financial statements. Thus, the quarterly information presented here was prepared based on the accounting policies and
estimate calculation methods used while preparing the annual financial statements for the year ended December 31, 2024. There has been
no change in said policies and estimate calculation methods.</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As allowed by NBC TG 21/R4 (CVM Resolution
102/22) and based on the recommendations contained in Official Letter CVM/SNC/SEP/No. 003/2011, management chose not to report once again
the details presented in note 3 to the annual financial statements for the year ended December 31, 2024, with the summary of material
accounting policies, to avoid repeating the information already disclosed in its latest annual financial statements. As a result, users
must read these individual and consolidated interim financial statements together with the annual individual and consolidated financial
statements for the year ended December 31, 2024, to have a better understanding.</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 2pt"> 3.2. New standards and interpretations</P>



<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; margin-top: 0pt; margin-bottom: 2pt"><B>3.2.1. New and revised
standards applied</B></P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Management believes that the following standards
or technical interpretations have not had and will not have significant impacts on the Company:</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: -63.85pt"><FONT STYLE="font-size: 10pt"><B>Standard</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Description</B></P></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Effective
    date</B></FONT><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 20%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>IAS 28/</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>CPC 18 (R3)</B></P></TD>
    <TD STYLE="padding-left: 5.4pt; width: 60%; border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 15.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">CVM Resolution 211 makes Technical Pronouncement CPC 18 (R3) &ndash; Investments in Associates and Joint Ventures, issued by the Brazilian Accounting Pronouncements Committee (CPC), mandatory for listed companies, pursuant to Appendix &ldquo;A&rdquo; of the Resolution, revoking CVM Resolution 118.</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2025.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><FONT STYLE="font-size: 10pt"><B>ICPC 09 (R3)</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 14.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">CVM Resolution 212 makes Technical Interpretation ICPC 09 (R3) &ndash; Individual Financial Statements, Separate Statements, Consolidated Statements and Application of the Equity Method, issued by the CPC, mandatory for listed companies, revoking CVM Resolution 124.</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2025.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>IAS 21/</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>CPC 02 (R2)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -5.4pt"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>IFRS 1/</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>CPC 37 (R1)</B></P></TD>
    <TD STYLE="padding-left: 5.4pt; border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 14.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">CVM Resolution 213 makes Revision Document of Technical Pronouncement 27, issued by the CPC, mandatory for listed companies. The document presents amendments to Technical Pronouncements CPC 02 (R2) - The Effects of Changes in Foreign Exchange Rates and Translation of Financial Statements and CPC 37 (R1) - First-time Adoption of the International Financial Reporting Standards.</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2025.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>IAS 21/</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>CPC 02 (R2)</B></P></TD>
    <TD STYLE="padding-left: 5.4pt; border-bottom: #0070C0 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 14.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">The amendments require the disclosure of information that allows users of financial statements to understand the impact of a currency not being exchangeable.</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2025.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB"><B>3.2.2 New standards,
amendments and interpretations to existing standards that are not yet mandatory or effective at March 31, 2025</B></P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Management is assessing whether the following
standards and amendments will have significant impacts on the Company:</P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: -63.85pt"><FONT STYLE="font-size: 10pt"><B>Standard</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Effective
    date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 16%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -0.3pt"><B>IFRS S1 &ndash; (CVM Resolution <BR>
217/2024)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.85pt 0pt 0; text-indent: -0.3pt"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6.85pt 0pt 0; text-indent: -0.3pt"><B>IFRS S2 &ndash; (CVM Resolution<BR>
 218/2024)</B></P></TD>
    <TD STYLE="width: 64%; border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 7.3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">On December 26, 2023, CVM approved Resolution 193/23, which establishes the voluntary option for disclosure of sustainability-related financial information, in accordance with the standards issued by the International Sustainability Standard Board (&ldquo;ISSB&rdquo;), which provide new requirements for disclosure of sustainability-related risks and opportunities and specific climate-related disclosures, respectively. Accordingly, listed companies, investment funds and securitization companies</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 1.05pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">may voluntarily adopt these requirements for annual periods beginning on or after January 1, 2024 and adoption will be mandatory for annual periods beginning on or after January 1, 2026.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -0.25pt"><FONT STYLE="font-size: 10pt"><B>IFRS 18</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 7.3pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The IFRS Accounting Standards, international standard-setting body, issued, on April 9, 2024, IFRS 18 - Presentation and Disclosure in <I>Financial Statements</I>. This standard is the result of a project initiated in April 2016 and now, issued in final form, will modify mainly the presentation format of the Statement of Profit or Loss and require new information related to management-defined performance measures; and</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2027.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: -63.85pt"><FONT STYLE="font-size: 10pt"><B>IFRS 19</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-bottom: #0070C0 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-right: 7.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">The IFRS Accounting Standards, international standard-setting body, issued, on May 9, 2024, the new standard IFRS 19, entitled &ldquo;Subsidiaries without Public Accountability: Disclosures&rdquo;. This standard aims to allow an eligible subsidiary to provide reduced disclosures when applying IFRS Standards in the preparation of its financial statements.&nbsp;To be eligible, the entity must be a subsidiary, must not have public accountability, and must have a parent that publishes consolidated financial statements, available for public use, that comply with IFRS Standards.</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Effective for annual periods beginning on or after
    January 1, 2027.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB"><B>3.3. International Tax
Reform</B></P>

<P STYLE="font: 10pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In December 2021, the Organization for Economic
Cooperation and Development (&ldquo;OCDE&rdquo;) disclosed the rules of the Pillar Two applicable to multinational groups with consolidated
revenues exceeding &euro; 750 million in at least two of the last four years. These rules require the calculation of the effective tax
rate in each jurisdiction where they operate, and if this rate is lower than the minimum defined rate of 15%, the multinational group
will be required to pay a supplementary amount.</P>

<P STYLE="font: 8pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Since 2024, the Company has applied these
rules in Austria, South Africa, Netherlands, United Kingdom and Turkey, with no significant impacts to date. In Brazil, the partial adoption
of Pillar Two occurred through Provisional Measure 1,262, Regulatory Instruction 2,228/24 and Law 15,079/24, which introduced the Qualified
Domestic Minimum Top-up Tax (QDMTT), as an addition to the CSLL, effective as from January 1, 2025. The Company continues to assess the
potential impacts of this new taxation to the Group.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Arial black, Helvetica, Sans-Serif; margin: 0pt 0pt 2pt; text-align: justify; color: #1374FB"> 3.4. Consolidated financial statements</P>



<P STYLE="font: 10pt/13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The consolidated accounting information
includes information about the Company and its subsidiaries. The interim accounting information of foreign subsidiaries was prepared in
accordance with the law of each country where the companies are located and was converted into the accounting policies issued by the IFRS
Accounting Standards.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The table
below presents the direct (blue) and indirect equity interests included in the interim financial statements:</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"><TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; width: 40%"><FONT STYLE="font-size: 9pt; color: #003366"><B>EQUITY INTEREST</B></FONT></TD>
    <TD STYLE="text-align: right; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0066CC 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0066CC 1.5pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0066CC 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>Parent</B></FONT></TD>
    <TD STYLE="border-bottom: #0066CC 1.5pt solid"><FONT STYLE="font-size: 9pt"><B>Core activity</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Marfrig Global Foods S.A.</B></FONT></TD>
    <TD STYLE="border-bottom: #0066CC 1.5pt solid"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Processing of products (formed by cattle slaughter facilities in operation, which are also used in beef processing, and for the manufacture of animal nutrition products) and sale of animal-based (beef, pork, lamb, fish and poultry) and plant-based proteins. Located in the States of S&atilde;o Paulo, Mato Grosso, Mato Grosso do Sul and Rio Grande do Sul, in addition to distribution centers in the States of S&atilde;o Paulo, Rio de Janeiro and Rio Grande do Sul, which are also used for beef processing.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #0066CC 1.5pt solid; border-bottom: #0066CC 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>SUBSIDIARIES</B></FONT></TD>
    <TD STYLE="border-bottom: #0066CC 1.5pt solid"><FONT STYLE="font-size: 9pt"><B>CORE ACTIVITY</B></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Masplen Ltd.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pampeano Alimentos S.A.</FONT></TD>
    <TD STYLE="text-align: justify; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Producer of canned meat and other processed products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 0.125in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MFG Agropecu&aacute;ria Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Agricultural activities, related foreign trade, provision of livestock services, supply of labor and operation as holding company.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Agropecu&aacute;ria Jacarezinho Ltda.</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration, marketing, provision of services and technical assistance related to livestock (cattle breeding)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 0.25in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fazenda
S&atilde;o Marcelo Ltda.</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exploration and trade of livestock (cattle breeding) and agricultural products.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Marfrig Overseas Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Specific purpose entity - SPE</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Marfrig Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Energy trading and associated services</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Inaler S.A. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Establecimientos Colonia S.A. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Frigor&iacute;fico Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indusol S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Specific Purpose Entity - SPE for commission of industry in Uruguay</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Prestcott International S.A. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3366FF"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cledinor S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Manufacturing and trade of products: beef and lumb</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Abilun S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dicasold S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marketing and distribution of food products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Marfrig Chile S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">MFG Holdings SAU</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Quickfood S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estancias del Sur S.A. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Marfrig Holdings (Europe) B.V.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #3366FF">Holding company whose purpose is to raise funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Marfrig Beef (UK) Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weston Importers Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trading</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MARB
Bondco PLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company whose purpose is to raise funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MBC
Bondco Limited <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company whose purpose is to raise funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Marfrig Beef International Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MFG US Holdings, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marfrig NBM Holdings Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marfrig
US Holdings, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beef Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">COFCO
Keystone Supply Chain (H. Kong) Investment&nbsp;Ltd.</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #E7E6E6 1pt solid; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joint venture</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">COFCO
Keystone Supply Chain (China) Investment&nbsp;Ltd.</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #E7E6E6 1pt solid; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joint venture</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NBM US Holdings, Inc.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company whose purpose is to raise funds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MF Foods USA LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Plant
Plus Foods , LLC <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Plant
Plus Foods Brasil Ltda. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Plant
Plus Foods Canada Inc. <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VG
HilarysEatWell, LCC <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef Packing Company, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Iowa
Premium, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Carriers, Inc. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.25in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NCI
Leasing, Inc.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leasing transportation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef California, LP </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef Japan, Inc. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef Korea, Ltd. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kansas
City Steak Company, LLC </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DTC Marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Elite Transportation, LLC </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef Leathers, LLC </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing of leather</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef de Le&oacute;n S. de R.L. de C.V.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing of leather</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef Ohio, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.125in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National
Beef aLF, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0.25in; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">alF
Ventures, LLV</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Zutfray S.A.</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  </TABLE>
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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 1.5pt; border-top: #0066CC 1.5pt solid; border-bottom: rgb(0,102,204) 1.5pt solid; width: 40%"><FONT STYLE="font-size: 9pt; color: #003366"><B>EQUITY INTEREST - CONTINUED</B></FONT></TD>
    <TD STYLE="padding: 2pt 1.5pt; border-top: #0066CC 1.5pt solid; border-bottom: rgb(0,102,204) 1.5pt solid; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #0066CC 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>SUBSIDIARIES</B></FONT></TD>
    <TD STYLE="border-bottom: #0066CC 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt"><B>CORE ACTIVITY</B></FONT></TD></TR>

  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">BRF S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #1374FB">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF GmbH</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Foods UK Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of administrative and marketing services</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Arabia Holding Company JCS</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Addoha Poultry Company </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing and marketing of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Al Samina Agricultural Production Company </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Raising broiler chickens</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Arabia Food Industry Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Preparation of meat, seafood and production of oils and fats</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Foods GmbH <SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing, import and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Foods LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Processing, import and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Al Khan Foodstuff LLC (&quot;AKF&quot;) <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, sale and distribution of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TBQ Foods GmbH</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Banvit Bandirma Vitaminli Yem Sanayii AS</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, processing and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Global Company Nigeria Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of marketing and logistics services</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Global Company South Africa Proprietary Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of administrative, marketing and logistics services</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Global GmbH</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding and trading</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Japan KK</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of services, import, export, manufacturing and trade of products</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Korea LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of marketing and logistics services</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Kuwait Food Supply Management Co. <SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, sale and distribution of products</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Shanghai Management Consulting Co. Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of consulting and marketing services</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Shanghai Trading Co. Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, export and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Singapore Foods PTE Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provision of administrative, marketing and logistics services</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eclipse Holding C&ouml;operatief U.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ProudFood Lda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sadia Chile SpA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, export and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">One Foods Holdings Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Al-Wafi Food Products Factory Sole Propr. LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, export, processing and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Badi Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Al-Wafi Al-Takamol International for Foods Products</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joody Al Sharqiya Food Production Factory LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Federal Foods LLC </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, sale and distribution of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Federal Foods Qatar </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><SUP>(f)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, sale and distribution of products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy trading</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRF Pet S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production and sale of animal feed and nutrients</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hecosul Alimentos Ltda. <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production and sale of animal feed</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hercosul Distribui&ccedil;&atilde;o Ltda. <SUP>(g)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import, export, wholesale and retail of products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hercosul International S.R.L.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production, export, import of animal feed and nutrition products</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hercosul Solu&ccedil;&otilde;es em Transportes Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Road freight</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mogiana Alimentos S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Production, distribution and sale of pet food products</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Potengi Holdings S.A. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><SUP>(h)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PR-SAD Administra&ccedil;&atilde;o de Bem Pr&oacute;prio S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset management</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sadia Alimentos S.A.U.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sadia Uruguay S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Import and sale of products</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; border-bottom: #0070C0 1pt solid; padding-left: 0.375in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MBR investimentos Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding of interests in companies, management of companies and enterprises and management of company-owned assets</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><SUP>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>Assets
held for sale.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><SUP>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>The
operations of subsidiaries MBC Bondco Limited, VG HilarysEatWell LLC and PlantPlus Foods Canada Inc. were discontinued in 2024 and the
operation of Estancias del Sur S.A. will be discontinued in 2025. These companies are in the process of corporate closure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><SUP>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>With
the completion of acquisitions of interests of (subsidiary) BRF S.A. in Plant Plus Foods, LLC. and Plant Plus Brasil, which occurred,
respectively, on January 23, 2025 and February 14, 2025, these subsidiaries began to be consolidated in the Company's accounting information.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><SUP>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>On
January 14, 2025, a shareholders' agreement was signed ensuring effective participation in the management of Addoha. Al Samina is a wholly
owned subsidiary of Addoha.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>On
February 1, 2025, BRF Foods GmbH was merged into BRF GmbH.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>For
these entities, there are agreements that guarantee total economic rights, except for AKF, for which the economic rights are 99%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>On
January 2, 2025, subsidiaries Hercosul Alimentos Ltda. and Hercosul Distribution Ltda. were merged into Mogiana Alimentos S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SUP>Associate
with a subsidiary of Auren Energia S.A., whose economic interest is 24%.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial black, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 4. <FONT STYLE="text-transform: none">CASH AND CASH EQUIVALENTS</FONT></P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents group is composed
of cash and demand deposits, as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; white-space: nowrap; width: 51%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and banks</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;31,476 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;716,435 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,578,667 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,321,225 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;232,188 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;15,885 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,276,543 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,195,462 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 3pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;263,664 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;732,320 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,855,210 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,516,687 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash
    and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazilian
    real </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;232,621
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,257
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;470,329
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;322,396
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US
    dollar</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;30,840
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;713,852
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,824,952
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,486,396
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Euro</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;203
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;211
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;52,226
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;30,694
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Turkish
    Lira</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,807
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,348
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Saudi
    Riyal</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;96,753
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;256,879
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;406,143
    </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;413,974
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;263,664
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;732,320
    </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,855,210
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,516,687
    </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial black, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 5. <FONT STYLE="text-transform: none">FINANCIAL INVESTMENTS AND MARKETABLE SECURITIES</FONT></P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1374FB">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below shows the financial investments
and marketable securities by type:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>PMPV <SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Average <BR>
interest rate <BR>
p.a.</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial investments:</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank Deposit Certificates - CDB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.30%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;564,946 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,570,296 </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Repurchase and reverse repurchase agreements</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.96%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,156,691 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,730,075 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazilian prize-draw investment bonds </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,763 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,763 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time deposit</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.32%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,273,577 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,271,870 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FIDC <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">0.29</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.15%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;26,901 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;27,592 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment fund</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">-</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.83%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,323 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;69,576 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total financial investments</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,026,201 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,671,172 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Marketable securities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LFT - Financial Treasury Bill <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: center">0.43</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.25%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;48,180 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;46,774 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total marketable securities</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;48,180 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;46,774 </FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase"><B>Total financial
    investments and marketable securities</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: -0.125in; font-size: 10pt; text-align: right; padding-right: 5.4pt"><B>48,180</B>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-right: 5.4pt">5,717,946&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total financial investments and marketable securities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,074,381 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,717,946 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> &nbsp;Weighted
average maturity in years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(b)</SUP> &nbsp;The
average term presented in the FIDC transaction is not linked to the immediate realization of the investment, which can be made by the
Company without any financial burden.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(c)</SUP> &nbsp;The
average term presented in the LFT transaction is not linked to the immediate realization of the investment, which can be made by the Company
without any financial burden.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 1.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0066CC 1pt solid; background-color: silver; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: green"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; vertical-align: middle; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366"><B>PMPV
    <SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; vertical-align: middle; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366"><B>Currency
    </B></FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366"><B>Average
    <BR>
interest rate <BR>
p.a.%</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; padding-right: 0pt; vertical-align: middle; background-color: silver; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; vertical-align: middle; background-color: silver; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #003366">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial
    investments:</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank
    Deposit Certificates - CDB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.28
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.25%</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,394,273
    </B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,287,255
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Repurchase
    and reverse repurchase agreements</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.48%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,501,420
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,229,238
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed-income
    securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.12%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;19,985
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brazilian
    prize-draw investment bonds </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,786
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,763
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offshore
    note</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,501,608
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.06
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Turkish
    Lira</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.23%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>830,673
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">715,371
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.03
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.96%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,946,791
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,104,085
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.29
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">South
    Korean Won</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.63%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>82
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paraguayan
    Guarani</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.94%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,200
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,900
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arab
    Dirham</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.25%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>104,818
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,947
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Saudi
    Riyal</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>254,426
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">959,103
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Time
    deposit </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.20
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AOA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.22%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;53,125
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;55,449
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FIDC
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.61
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.71%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;45,566
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;46,042
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">Investment
    fund</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt">BRL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.83%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,323&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;69,576&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt; padding-right: 1.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    financial investments</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: #0066CC 2.25pt double; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;15,162,468
    </B></FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: #0066CC 2.25pt double; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;17,080,424
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><B>Marketable
    securities</B></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B3
    marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.08
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20
    </B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LFT
    - Financial Treasury Bill </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.64
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.97%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;84,257
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;81,805
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NTN
    - National Treasury Notes</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.52
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRL</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.63%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>893,451
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">859,029
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADRs
    securities</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(d)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.08
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;14,356
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;15,481
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">External
    credit note</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><SUP>(e)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.05
    </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.81%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>258,354
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">289,880
    </FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: top">
    <TD STYLE="font-size: 1pt; padding-right: 1.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    marketable securities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: #0066CC 2.25pt double; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,250,438
    </B></FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: #0066CC 2.25pt double; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,246,215
    </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: top">
    <TD STYLE="font-size: 3pt; padding-right: 1.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    financial investments and marketable securities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: #0066CC 2.25pt double; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;16,412,906
    </B></FONT></TD>
    <TD STYLE="border-top: #0066CC 1pt solid; border-bottom: #0066CC 2.25pt double; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,326,639
    </FONT></TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: top">
    <TD STYLE="font-size: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-left: 5.4pt"><B>Current assets</B></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><B>16,121,532</B></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right">18,002,828</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current
    assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>291,374
    </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: silver; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323,811    </FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Weighted average maturity in years.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Transactions have daily liquidity and can be redeemed at any
time.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">The average term presented is not linked to the immediate realization
of the investment, which can be made by the Company without any financial burden.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(d)</SUP></TD><TD STYLE="text-align: justify">Represented by shares of Aleph Farms, Ltd.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(e)</SUP></TD><TD STYLE="text-align: justify">Investments in private securities and Angolan Government securities,
which are presented net of expected credit losses in the amount of R$&nbsp;23,255 (R$ 22,530 at December 31, 2024). Refer to Bonds in
US Dollars, with a weighted average rate of 6.81% (6.82% in December 2024).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subsidiary BRF pledged the amount of R$ 26,100
(R$ 69,753 in December 2024) as collateral, with no restrictions, for future contracts traded on the B3, referring to cash and cash equivalents
and marketable securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1374FB"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>6.
<FONT STYLE="text-transform: none">TRADE ACCOUNTS RECEIVABLE</FONT></B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(19,116,251) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(19,116,251) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(19,116,251) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(19,116,251) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; width: 51.5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; width: 0.5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts receivable &ndash; domestic</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;154,971
    </B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;225,362
    </FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,971,399
    </B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,052,649
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third
    parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;85,765
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;158,864
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,971,384
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,050,539
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related
    parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;69,206
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;66,498
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;15
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,110
    </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    accounts receivable &ndash; foreign</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,130,554
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,927,853
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,972,501
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,145,785
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third
    parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;57,011
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;98,895
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,972,501
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,145,785
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related
    parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,073,543
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,828,958
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,285,525
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,153,215
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,943,900
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,198,434
    </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts
    not yet due</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,201,151
    </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,122,711
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;6,432,160
    </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,758,085
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts
    overdue:</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From
    1 to 30 days</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,747
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;29,751
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,166,485
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,206,429
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From
    31 to 60 days</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;75
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;428
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;203,614
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;169,517
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From
    61 to 90 days</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;81,552
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;325
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;143,365
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;84,528
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">More
    than 90 days</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;44,175
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;44,060
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;869,515
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;829,723
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-)
    Present value adjustment</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(32,888)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(39,291)&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-)
    Estimated losses on doubtful accounts</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(44,175)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(44,060)</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(838,351)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(810,557)&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,285,525
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,153,215
    </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,943,900
    </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,198,434
    </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current
    assets</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,285,525
    </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,153,215
    </FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,919,133
    </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,175,814
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current
    assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;24,767
    </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;22,620
    </FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)</SUP> &nbsp;&nbsp;Trade
accounts receivable with related parties are detailed in Note 36 &ndash; Related-party transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The estimated loss on doubtful accounts was
set up in an amount deemed sufficient by Management to cover any losses on the realization of its receivables, based on the individual
and historical analysis of outstanding receivables.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Changes in estimated losses on doubtful accounts
are as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; white-space: nowrap; width: 12%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; white-space: nowrap; width: 12%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at December 31, 2024</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(44,060)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(810,557)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimate accrued, net</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(115)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(9,775)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Write-offs</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(60,421)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">43,871&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Acquisition of related party</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(1,469)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(44,175)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(838,351)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In June 2014, a receivables backed investment
(<I>Fundo de Investimento de Direitos Credit&oacute;rios - FIDC</I>) was created to sell a portion of the receivables from the installment
sale in the domestic market, in the amount of R$ 150,000 (principal). In the period ended March 2025, there were R$ 99,913 in invoices
negotiated with the fund MRFG (R$ 106,196 in December 2024).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company, through its subsidiary BRF, conducts
credit assignments with no right of recourse with Fundo de Investimento em Direitos Credit&oacute;rios Clientes BRF (&ldquo;FIDC BRF II&rdquo;),
which exclusively operates in acquiring credit rights arising from commercial transactions carried out with customers in Brazil.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the period ended March 2025, FIDC BRF II
had an outstanding balance of R$ 979,936 (R$ 959,434 in December 2024) related to such credit rights, which were derecognized from the
Company's balance sheet at the time of assignment.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the period ended March 2025, subsidiary
BRF has insurance, letters of credit and other guarantees referring to sales in installments in foreign markets, in the amount of R$ 1,561,120
(R$ 1,441,599 in December 2024).</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 7. <FONT STYLE="text-transform: none">INVENTORIES</FONT></P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Inventories of finished products were carried
at average purchase and/or production cost, as explained below:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 51%; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Finished products </FONT></TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">542,776&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">541,100&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">6,663,868&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">6,808,523&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Work in progress</FONT></TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">588,374&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">545,729&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Raw materials</FONT></TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">27,951&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">29,654&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">1,920,419&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">2,325,265&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Packaging and storeroom supplies</FONT></TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">91,849&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">98,822&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">2,061,271&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,954,807&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Present value adjustment <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">-&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">-&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">(130,994)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(115,546)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Estimated losses</FONT></TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(7,477)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,424)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">(40,293)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">(35,840)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">655,099&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">664,152&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">11,062,645&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">11,482,938&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><SUP>(a)&nbsp;&nbsp;&nbsp;
</SUP>Refers to the balancing entry of initial recording of the adjustment to present value of trade accounts payable of subsidiary BRF,
which is allocated to costs according to the inventory turnover.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company grounds its estimates on historical
losses and assessment of subsequent realization (market), as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 1%; border-bottom: #0070C0 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; width: 12%; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at December 31, 2024</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(5,424)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">(35,840)</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Estimate accrued, net</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(2,053)</B></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>(5,064)</B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>-</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><B>611</B>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(7,477)</B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><B>(40,293)</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Management assessed the
estimated net realizable value for inventories, and concluded that the recognized amount is sufficient.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1374FB"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Arial black, Helvetica, Sans-Serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 8. BIOLOGICAL ASSETS</P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Biological assets comprise cattle, poultry,
pigs, forestry and plantations as detailed below:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 75%; border-bottom: #0070C0 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; width: 13%; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #0070C0 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - cattle</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">738,545</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">81,788</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - poultry</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,157,745</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,110,101</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - pigs</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,807,949</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">1,734,532</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - plantations</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">19,924</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Biological assets - current</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,724,163</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">2,926,421</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - cattle</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,566,030</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">-</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - poultry</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">696,558</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">677,210</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - pigs</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">639,811</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">639,689</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Biological assets - forestry</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">483,510</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">470,338</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Biological assets - non-current</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">3,385,909</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">1,787,237</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">7,110,072</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">4,713,658</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 8.1. Changes in biological assets (current)</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 50%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cattle</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Poultry</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Pigs</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Plantations</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at December 31, 2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;81,788 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,110,101&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,734,532&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,926,421&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Increase due to acquisitions </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;45,742</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;4,205,107&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,674,102&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;6,924,951&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Acquisition of related party</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;641,968</B>&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>19,924
</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;661,892&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Animal feeding expenses</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;13,538&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B>&nbsp;&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;13,538&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Decrease due to sales</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(7,236)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(7,236)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net decrease due to deaths</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(230)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(230)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Changes in fair value less costs to sell</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;6,335&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;875,401</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;138,837&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,020,573&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(7,257)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(23,341)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(30,598)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Transfers to inventories</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(36,103)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(5,009,523)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(2,739,522)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(7,785,148)</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;738,545&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,157,745&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,807,949&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;19,924&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,724,163&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 8.2. Changes in biological assets (non-current)</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 50%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Cattle</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Poultry</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Pigs</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Forestry</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>Total</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; padding-bottom: 1.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at December 31, 2024</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;677,210&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;639,689&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;470,338&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,787,237&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Increase due to acquisitions </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;52,426&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;137,799&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;23,004&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;213,229</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Acquisition of related party</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,566,030 </B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,566,030</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Changes in fair value less costs to sell</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;211,984&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(35,411)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;176,573&nbsp;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Depreciation / depletion</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(238,962)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(102,266)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(10,245)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(351,473)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Reclassification<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;413&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;413&nbsp;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(6,100)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(6,100)</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,566,030</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;696,558&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;639,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;483,510&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,385,909&nbsp;</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts
reclassified from right-of-use assets.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF has forestry areas pledged as collateral for financing,
tax and civil contingencies in the amount of R$ 57,501 in the period ended March 31, 2025 (R$ 70,025 in December 2024).</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 9. <FONT STYLE="text-transform: none">RECOVERABLE TAXES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 59.5%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 0.5%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">ICMS and IVA (State VAT)</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;384,959&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;388,487&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,962,506&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,914,034</FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IPI (Excise Tax)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,675&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;3,622&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,191,822&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,182,006&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">INSS (National Institute of Social Security)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;420,545&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;422,163&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">PIS and COFINS (taxes on sales) credits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,317,661&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,209,820&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;4,417,785&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;4,370,281&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">IRRF, IRPJ and CSLL (taxes on income) recoverable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,904,614&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;3,877,914&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;4,722,985&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;4,702,802&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;15,923&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;15,646&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;202,135&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;203,938&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(-) Estimated impairment</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(321,485)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(229,525)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(514,820)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(418,401)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;6,305,347&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;6,265,964&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;13,402,958&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;13,376,823&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;900,359&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;756,930&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,801,014&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;3,235,325&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;5,404,988&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;5,509,034&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;9,601,944&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;10,141,498&nbsp;</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.1. ICMS (State VAT)</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Up to March 31, 2025, R$ 336,000 (R$ 256,000 in December 2024)
had been transferred and subsidiary BRF offset R$ 247,144 (R$178,076 in December 2024) related to the agreement for the acquisition of
R$ 463,000 in ICMS credits determined in the State of S&atilde;o Paulo and owned by the Parent, considering a discount compatible with
the market. The credits are being used according to the monthly calculation of subsidiary BRF in the State, with full offset expected
up to July 2025.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 9.2. Estimated impairment of taxes</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Estimated losses were calculated based on Management's best judgment
of the realization of the Company's recoverable taxes balances, on PIS and COFINS credits in Brazil and taxes on financial transactions
in Argentina.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt; text-indent: 0pt">In the period ended March 2025, the changes in this item were
as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right; width: 79%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding-top: 2pt; padding-bottom: 2pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Balance at December 31, 2024</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(229,525)</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(418,401)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 11pt">Net estimate </FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(91,960)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(95,809)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Acquisition of related party</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(733)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;123&nbsp;</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(321,485)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(514,820)</B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt; text-align: justify">Based on its assessment, the Company concluded that it was
necessary to recognize impairment of PIS and COFINS taxes and taxes on financial transactions, in March 2025, in an amount considered
sufficient to cover any losses on realization of such tax credits.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 10. <FONT STYLE="text-transform: none">NOTES RECEIVABLE</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 0.5pt solid; padding: 2pt 5.4pt; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; padding-bottom: 2pt; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 0.5pt solid; padding: 2pt 5.4pt; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1.5pt; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 59%; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 10%; padding-left: 5.4pt">03/31/2025</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 10%; padding-left: 5.4pt">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 10%; padding-left: 5.4pt">03/31/2025</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 10%; padding-left: 5.4pt">12/31/2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Related parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;3,368,827&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;3,539,815&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;26,601&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Sale of poultry farm <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;37,315&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;38,255&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">Adjustment to present value</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;(4,829)</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;(5,910)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Other notes receivable <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">&nbsp;1,079&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">&nbsp;1,084&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;10,037&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;9,141&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font: 3pt Arial, sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: bold 3pt Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 3pt Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: bold 3pt Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 3pt Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;3,369,906&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;3,540,899&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;42,523&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;68,087&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; color: gray; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; color: gray; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; color: gray; text-align: right; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; color: gray; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; color: gray; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left; padding-left: 5.4pt">Current assets</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;670,476&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;650,180&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;34,280&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;59,452&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">Non-current assets</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">&nbsp;2,699,430&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; padding-left: 5.4pt">&nbsp;2,890,719&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;8,243&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2; padding-left: 5.4pt">&nbsp;8,635&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP>&nbsp;</TD><TD STYLE="text-align: justify">The amount presented in the Parent refers mostly to balances
resulting from loan transactions with its subsidiaries, as described in Note 36 &ndash; Related-party transactions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">The amount presented substantially refers to the sale of
poultry farms in Guatambu and Concordia.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">The amount presented substantially refers to the sale of
a hatchery in Caxias do Sul.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 11. <FONT STYLE="text-transform: none">ADVANCES TO SUPPLIERS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-top: 2pt; padding-bottom: 2pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 2pt 5.4pt; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 59%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Third
parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;57,021 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;160,471 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;418,762 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;441,103 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Related
parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,298,299 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;247 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,298,299 </FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;57,021 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,458,770 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;419,009 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,739,402 </FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">The balances of advances to suppliers with related parties
are detailed in Note 36 - Related-party transactions.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 12. <FONT STYLE="text-transform: none">ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On February 11, 2025, pursuant to the Material Fact disclosed,
Minerva S.A. (&ldquo;Minerva&rdquo;) submitted a new request to the <I>Comisi&oacute;n de Promoci&oacute;n Y Defensa de la Competencia</I>
(&ldquo;Coprodec&rdquo;) for approval of the acquisition of the &ldquo;Uruguay Operation&rdquo;. Considering the latest opinion of Coprodec
regarding the original request, Minerva submitted an alternative proposal.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The proposal submitted does not entail any change to the conditions
originally agreed in the asset sale and purchase agreement of August 28, 2023.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The individual and consolidated assets and liabilities held for
sale in relation to the Uruguay assets, considering the elimination of balances between the group&rsquo;s companies, are as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 28%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Assets</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 29%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>Liabilities</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding: 3pt 5.4pt; font: 12pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-top: 3pt; font: 12pt Aptos,sans-serif; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding: 3pt 5.4pt; font: 12pt Aptos,sans-serif; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-top: 3pt; font: 12pt Aptos,sans-serif; text-align: right; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;105,004&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts payable - third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: normal 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;395,835 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Financial investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;11,922&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Accrued payroll and related charges</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;74,389 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Trade accounts receivable - third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;14,462&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;26,230 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;147,572&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans and financing</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;199,993 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;17,369&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Advances from customers - third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;362 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Advances to suppliers</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,299&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other payables</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: normal 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;-&nbsp;</FONT><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;13,679 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,784&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;302,412&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;710,488 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NON-CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NON-CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;32,877&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: normal 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;-&nbsp;</FONT><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,714 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Loans and financing</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;135,026 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;32,877&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;136,740 </B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;931,355&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;392,168&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;616,172&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;931,355&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,008,340&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;931,355&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,041,217&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TOTAL ASSETS HELD FOR SALE</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;931,355&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,343,629&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;847,228 </B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The results of discontinued operations in the periods ended March
2025 and 2024, considering the elimination of balances between the group&rsquo;s companies, are presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-top: 3pt; padding-bottom: 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2024</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>NET SALES REVENUE</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,101,710 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;74,720&nbsp;</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;750,785&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(869,361)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(23,580)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(506,303)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>GROSS PROFIT</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;232,349&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;51,140&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;244,482&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Operating income (expenses) </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(129,638)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(47,935)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(162,527)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Net financial result</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(142,445)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(6,710)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(127,168)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Profit (loss) before taxes</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(39,734)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(3,505)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(45,213)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>INCOME AND SOCIAL CONTRIBUTION TAXES</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;75,427&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,761&nbsp;</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;80,865&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Net income (loss) for the period from discontinued operations</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,693&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,652&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Controlling interest - discontinued operation</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,693&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,693&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-controlling interest - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(41)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,693&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 12pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,652&nbsp;</FONT></TD>
    </TR>
  </TABLE>

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<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The discontinued cash flow in the periods ended March 2025 and
2024, considering the elimination of balances between the group&rsquo;s companies, is presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; text-align: right; width: 59%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-top: 3pt; padding-bottom: 3pt; text-align: right; width: 0.25%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; background-color: #F2F2F2; text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding: 3pt 5.4pt; background-color: #F2F2F2; text-align: right; width: 10%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>YTD</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">YTD</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #021F59">2024</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Parent&rsquo;s profit (loss) for the period - discontinued </B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,693&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(744)</B></FONT></TD>
    <TD STYLE="font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;35,693&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Non-cash items</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;744&nbsp; </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;99,776&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;4,031&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;115,703&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Equity changes</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(80,430)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;115,463&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(12,988)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash flow provided by operating activities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;55,039&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;118,750&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;138,408&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash flow used in investing activities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(8,676)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(12,181)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(22,209)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Cash flow provided by (used in ) in financing activities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;204,379&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(2,057)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;162,369&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Exchange variation on cash and equivalents - discontinued operation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(5,697)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;5,755</FONT>&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(231,230,230) 1pt solid; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Cash flow for the period</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;250,742&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;98,815&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: #0070C0 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;284,323&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>(-) Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(119)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(16,079)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;42,848&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font: 12pt Aptos,sans-serif; padding-bottom: 1.5pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #1374FB"><B>Discontinued operations net of cash</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;250,861&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;114,894&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 12pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;241,475&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font: 1pt Aptos,sans-serif; padding-bottom: 1.5pt; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 1pt Aptos,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 1pt Aptos,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; font: 1pt Aptos,sans-serif; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 13. <FONT STYLE="text-transform: none">DEFERRED INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; padding-bottom: 3pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif; width: 0.25%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,431,033</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,106,513</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;3,943,835&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;3,443,414&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Social contribution tax</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;516,168</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;399,341</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,164,571&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,033,541&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Deferred tax assets</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,947,201</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,505,854</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;5,108,406&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;4,476,955&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(7,053,562)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(6,489,730)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Social contribution tax</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(2,471,454)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(2,266,217)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Deferred tax liabilities</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(9,525,016)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(8,755,947)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Total deferred taxes</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,947,201</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,505,854</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(4,416,610)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(4,278,992)</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following table presents the breakdown of deferred taxes:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding: 3pt 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt 5.4pt; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; padding-bottom: 3pt; white-space: nowrap; text-align: center; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; padding: 3pt 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif; width: 0.25%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif; width: 12%"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Income tax losses</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,574,915&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,543,291&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;5,860,363&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;5,406,582&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Social contribution tax loss carryforwards</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;927,965&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;916,580&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,014,398&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,845,843&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Temporary differences - assets</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;225,920&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;191,399&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;2,423,121&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;2,008,544&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Temporary differences - liabilities</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(1,781,599)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(2,145,416)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(14,714,492)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(13,539,961)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Aptos,sans-serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Deferred taxes, net</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;1,947,201&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;1,505,854&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Aptos,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>&nbsp;(4,416,610)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">&nbsp;(4,278,992)</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 14. <FONT STYLE="text-transform: none">INVESTMENTS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; padding-bottom: 3pt; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; border-bottom: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; padding-bottom: 3pt">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; border-bottom: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 3pt; border-bottom: rgb(0,112,192) 1pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2; padding-bottom: 3pt">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">03/31/2025</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; width: 12%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 0.25%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">03/31/2025</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2; width: 12%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Interest in subsidiaries and associates</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;25,194,002</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;22,955,323</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Goodwill derived from business combinations</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;246,323</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;266,450</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Other investments <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;10,010</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;10,010</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;700,270</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;224,843</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;25,450,335</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;23,231,783</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;700,270</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;224,843</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)&nbsp;&nbsp;&nbsp;</SUP>Investment
in joint ventures, which is updated using the equity method, or investment in companies, recognized at cost.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt">14.1.</FONT> Direct investments by the parent</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">Information and changes on investments in subsidiaries in the period ended March 2025
is shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 6pt">
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: left; width: 15.5%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Marfrig
    Chile S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Frigor&iacute;fico
    Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Masplen
    Ltd</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Marfrig
    Overseas Ltd.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Marfrig
    Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Marfrig
    Holdings (Europe) B.V</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Marfrig
    Beef (UK) Limited</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Marfrig
    Beef International Ltd.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Abilun
    S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">MFG
    Holdings SAU</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Quickfood
    S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">BRF
    S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">PlantPlus
    Brasil</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Zutfray
    S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #021F59; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">Pampeano
    S.A.</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 0.3%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Shares/Units
    of interest</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;10,000</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;163,518,797&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;5,050&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;40,000,000&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;426,842</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,001&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,001&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;400,000&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;300,000,000&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;83,071,700,036&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,682,473,246&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;28,921,047&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;10,000&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,019,572,730&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">%
    interest</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;99.50</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;99.96&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;99.99&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;9.99&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;50.49&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;0.24&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;100.00&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;99.28&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Total
    assets</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;349,589</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,090,632&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;19,794&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,772,921&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,027,108&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;5,701,335</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,887,872&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;4,739,336&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;86,425&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,677,424&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,717,095&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;88,507,422&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;17,775&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;37,989&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;4,142,715&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Total
    liabilities</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;161,518</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;952,907&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,149&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,608,743&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,011,470&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,764,051</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,055,897&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;3,125,019&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;68,096&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,418,765&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,181,443&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;58,110,146&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;11,856&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;37,835&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,491,596&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Share
    capital</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;69,595</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;36,711&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;21,197&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;40,000&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,675,377</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,358,455&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,117,917&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;54&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,700&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;506,030&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;13,349,156&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;28,921&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,019,573&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Equity</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;188,071</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;137,725&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;17,645&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;164,178&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;15,638&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;3,937,284</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,831,975&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,614,317&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;18,329&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;258,659&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;535,652&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;30,397,276&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;5,919&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;154&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,651,119&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Net
    income (loss)</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;6,215</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;10,324&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(15,611)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;55,469&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(3,876)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;36,150</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;30,389&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(308,265)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;3,460&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(23,588)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(31,531)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;746,118&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(210)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;329&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(15,436)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: left"><FONT STYLE="font-size: 6pt">Balance
    at December 31, 2024</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;258,995</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;136,453&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(276,918)</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;117,460&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;19,513&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;4,207,610</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;1,943,062&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,066,982&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;15,270&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;180,113&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;52,420&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;14,234,348&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;15&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;22,955,323</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Acquisition</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;39&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;39</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Dividends</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(68,530)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(68,530)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 6pt; font-style: normal; font-weight: 400">REP
    <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;6,226&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;10,039&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;3,506&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;55,469&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(3,876)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;36,150</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;30,389&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(308,263)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;3,460&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(23,749)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(3,153)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;376,652&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,207&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;184,057</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Capital
    increase</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;1,096&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;5,826&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,004,876&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;2,011,798</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Increase
    (decrease) in equity interest</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(362,920)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;362,920&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Capital
    transactions</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;647,042&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;51,345&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(210,227)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(172)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;487,988</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">Other
    comprehensive income</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(9,559)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(10,478)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;155&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(8,751)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(306,477)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(141,478)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(144,402)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(400)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(3,823)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(1,535)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;250,117&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(42)</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-size: 6pt">&nbsp;(376,673)</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: left"><FONT STYLE="font-size: 6pt">Other (to be detailed)</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-size: 6pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 6pt Arial, sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: middle">
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, sans-serif; font-size: 6pt; font-style: normal; font-weight: 700">Balance
    at March 31, 2025 <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;187,132&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;136,014&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;10,865&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;164,178&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;15,637&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;3,937,283</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;1,831,973&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;1,614,317&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;18,330&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;204,982&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;53,558&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;14,650,890&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;15&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;1,032&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,367,796&nbsp;</FONT></TD>
    <TD STYLE="font-size: 6pt; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 6pt Arial, sans-serif; border-top: rgb(0,112,192) 1pt solid; border-bottom: #0070C0 2.5pt double; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;25,194,002</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP> &nbsp;&nbsp;Equity in earnings (losses) of subsidiaries.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(b) </SUP>&nbsp;Refers to the percentage of the Company's
interest in its subsidiaries, adjusted by unrealized profits on inventories upon the consolidation of balances.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">14.1.1. Investment
in subsidiaries reclassified to assets held for sale</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of investments in subsidiaries of
R$ 931,355, reclassified to assets held for sale, includes goodwill derived from business combinations of subsidiaries Inaler S.A. (R$
127,081), Prestcott International S.A. (R$ 72,794) and Establecimientos Colonia S.A. (R$ 388,994), in Note 12 &ndash; Assets and liabilities
held for sale, these amounts are presented in the Parent under Investments, and in the Consolidated under Intangible assets and, in addition
to these amounts, changes are shown below:</P>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 60%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Inaler S.A.</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Prestcott International S.A.</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Estab. Colonia S.A.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; width: 10%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares/Units of interest</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;325,673,004 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;15,927,783</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;256,562,625 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% interest</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;100.00</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;100.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total assets</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;259,206</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;491,879</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;609,965 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total liabilities</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;233,514</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;397,780</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;385,444 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;53,284</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;16,779</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;199,278 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;25,692</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;94,099</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;224,521 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net income (loss)</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,424)</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;374</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,949 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance at December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;29,287</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;101,229</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;232,816 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;363,332 </B></FONT></TD>
    </TR>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REP <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;- </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,586 </FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,586 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REP <SUP>(a)</SUP> (discontinued operation)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,496)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;172</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;580 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(744)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,159)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(7,537)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(16,992)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(26,688)</FONT></TD>
    </TR>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance at March 31, 2025 <SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;25,632</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;93,864</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;222,990 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 7.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;342,486 </B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; text-align: justify"><SUP>(a)</SUP> &nbsp;&nbsp;&nbsp;Equity in earnings (losses) of subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(b)</SUP> &nbsp;&nbsp;Refers to the percentage of the Company's
interest in its subsidiaries, adjusted by unrealized profit on inventories upon the consolidation of balances.</P>

<P STYLE="font: 10pt/11.7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt">14.2.</FONT> DIRECT INVESTMENTS</P>



<P STYLE="font: 10pt/11.7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below are the changes in direct investments
in the period ended March 2025:</P>

<P STYLE="font: 10pt/11.7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">14.2.1.
BRF S.A.</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Weather events in Rio Grande do Sul</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On May 1, 2024, Rio Grande do Sul declared a state
of public calamity throughout its territory affected by extreme weather events, causing material and environmental damages, with the destruction
of homes, roads and bridges, compromising the operation of local and regional public and private institutions and closing public roads,
in which it incurred losses and additional expenses related to the production process recognized under &ldquo;cost of products and goods
sold&rdquo; in the Consolidated in the amount of R$ 1,184 in the period ended March 2025.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Acquisition of interest in Addoha Poultry Company</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On October 31, 2024, BRF Arabia Holding Company
(&ldquo;BRF Arabia&rdquo;), an indirect subsidiary 70% owned by subsidiary BRF and 30% by Halal Products Development Company (&ldquo;HPDC&rdquo;),
in turn, a wholly-owned subsidiary of the Public Investment Fund (&ldquo;PIF&rdquo;) of Saudi Arabia, signed a binding contract to acquire
26% of Addoha Poultry Company (&ldquo;Addoha&rdquo;), a company operating in poultry slaughter in Saudi Arabia.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On January 14, 2025, a shareholders' agreement
was signed between subsidiary BRF Arabia and the current shareholders of Addoha, ensuring effective participation in the company&rsquo;s
management and allowing the know-how of subsidiary BRF and HPDC to contribute to maximize synergies between the entities. On the same
date, the acquisition was completed and, of its total amount of SAR 316,200 (R$ 511,105), R$ 188,351 was recorded as investment and R$
322,754 was recorded as goodwill based on expected future profitability.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As Addoha is an associate of BRF Arabia, and
due to the fact that there is significant influence in this associate, the investment was accounted for using the equity method, and
the amount of R$ 4,341 was recorded as Equity in earnings (losses) of subsidiaries in the period ended March 2025.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Acquisition of a processed products plant in
the province of Henan in China</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 20, 2024, BRF GmbH, a wholly-owned
subsidiary of subsidiary BRF, entered into a binding agreement with Henan Best Foods Co. Ltd., a subsidiary of the OSI Group, a North
American food processing company, to acquire a processing plant in the province of Henan in China.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On April 30, 2025, the transaction was closed
for a total amount of US$ 44,986 (equivalent to R$ 254,630 on this date), and did not represent a business combination, as it comprised
only a transaction involving the acquisition of assets.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The plant has two food processing lines, with
capacity for 28 thousand tons/year and possibility of expansion for two additional lines. The acquisition consolidates the presence of
subsidiary BRF in the Chinese market and consolidates its capacity to serve customers in the region.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Gelprime term of agreement</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 17, 2024, an agreement was signed
between MBR Investimentos Ltda. (&ldquo;MBR&rdquo;), a wholly-owned subsidiary of BRF, and the companies Viposa Participa&ccedil;&otilde;es
Ltda., Ind&uacute;stria e Com&eacute;rcio de Couros Britali Ltda. and Vanz Holdings Ltda. which currently hold 100% of the capital of
Gelprime Ind&uacute;stria e Com&eacute;rcio de Produtos Aliment&iacute;cios Ltda. (&ldquo;Gelprime&rdquo;), a company that produces, sells
and distributes gelatine and collagen by processing raw materials of animal origin.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The agreement establishes the main conditions
for the acquisition, by MBR, of a 50% interest in the capital of Gelprime (&ldquo;Acquisition&rdquo;) for R$ 312,500, subject to any adjustments.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On March 14, 2025, in continuation of the agreement,
an Investment Agreement was signed, also providing that the acquisition will be segregated into subscription and purchase and sale of
shares, which may be subject to adjustments and, depending on its performance over the next three years, the price may be increased by
an amount of up to US$ 13,600, equivalent to R$ 78,082 on the date of the Investment Agreement. On the same date, subsidiary BRF made
an advance for future capital increase in the amount of R$ 60,000 to MBR, which used the amount to make an initial advance payment for
the total acquisition value.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The completion of the transaction is subject
to the compliance with certain conditions precedent usual for this type of transaction, including the transformation of Gelprime into
a corporation, and prior approval of the transaction by the Administrative Council for Economic Defense &ndash; CADE.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">14.2.2.
MFG HOLDING SAU</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 10, 2025, the Company approved a
capital increase in MFG Holding SAU in the amount of ARS 200,000,000 (R$ 1,096), from ARS 300,000,000 (R$1,800) to ARS 500,000,000 (R$
2,700). The premium on the issue of shares was increased by ARS 9,373,739,362 (R$ 51,345).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">14.2.3.
QUICKFOOD S.A.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On March 12, 2025, a capital increase in QuickFood
S.A. in the amount of ARS 10,637,499,999 (R$ 58,266) was approved. The capital was increased to ARS 93,709,200,035 (R$ 506,030). The amounts
were contributed by the shareholders as follows: ARS 9,573,867,012 (R$ 52,440) contributed by MFG Holding SAU and ARS 1,063,632,987 (R$
5,826) contributed by Marfrig Global Foods S.A.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">14.2.4.
PAMPEANO ALIMENTOS S.A.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">At March 31, 2025, the Company approved a capital
increase in Pampeano Alimentos S.A. in the amount of R$&nbsp;2,004,876, through the issue of 2,004,876 million registered common shares,
with no par value, issued at the unit price of R$1.00 per share, fully subscribed and paid-in by the Company on that date. The share capital
increased from R$ 14,697 to R$ 2,019,573, and the Company now directly holds a 99.28% interest in Pampeano Alimentos S.A. and 0.72% indirectly
through its subsidiary Masplen Ltd.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">14.3.</FONT>
INDIRECT INVESTMENTS</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below are the changes in direct investments
in the period ended March 2025:</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">14.3.1.
MFG AGROPECU&Aacute;RIA LTDA.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the material fact released by the
Company on March 21, 2025, the Company proceeded with the acquisition of certain cattle confinement and agricultural production units
from MFG Agropecu&aacute;ria S.A., through its subsidiary Pampeano S.A. The transaction was carried out for the amount of R$ 48 million,
paid in April 2025. The acquisition is the result of a bargain purchase, which, in accordance with current standards, in the case of companies
under the same common control, was recorded in equity as capital transactions with a related party, in the net amount of R$ 647,042.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">14.3.2.
PLANTPLUS FOODS, LLC</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 7, 2024, the Company and Archer-Daniels-Midland
Company (&ldquo;ADM&rdquo;), which provided ingredients and technical know-how for the development of plant-based products, mutually agreed
to terminate the partnership in which a 30% interest was held by ADM. The Company maintained its 70% interest.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The transfer of the PlantPlus Foods, LLC units
to subsidiary BRF, equivalent to a 30% equity interest, occurred on January 23, 2025, after approval without reservations by CADE. Accordingly,
as from February 2025, PlantPlus Foods, LLC are consolidated in the Company's interim financial statements.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">14.4.</FONT>
JOINT VENTURES</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All joint ventures are accounted for using the
equity method and are not consolidated in accordance with NBC TG 18/R3 (CVM Resolution 118/22) - Investments in Associates and Joint Ventures.
The Company's interests in joint ventures are described below:</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">The Company, through its direct subsidiary BRF, holds a 24.0% interest in Potengi Holdings S.A. headquartered
in Brazil; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">b)</TD><TD STYLE="text-align: justify">The Company, through its indirect subsidiary Beef Holdings
Limited, holds a 45.0% interest in COFCO Keystone Supply Chain Invest. Ltd, headquartered in Hong Kong.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">15.
<FONT STYLE="text-transform: none">INVESTMENT PROPERTY</FONT></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investment property refers to tanneries and
industrial plants that, under the Company&rsquo;s strategy, are held to generate lease income, whose amounts are recognized at fair value.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap; text-align: right">&nbsp;</td>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Parent and Consolidated</b></font></td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap; text-align: right; width: 60%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Land</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 14%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Constructions<BR>
 and buildings</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Total</b></font></td></tr>
  <tr>
    <td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tannery in Promiss&atilde;o</font></td>
    <td style="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,391 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;3,314
</td>
    <td style="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#8239;7,705
</B></FONT></td></tr>
  <tr>
    <td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tannery in Bataguass&uacute;</font></td>
    <td style="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&#8239;&nbsp;&#8239;&#8239;&nbsp;</font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;44,166
</td>
    <td style="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;44,166 </b></font></td></tr>
  <tr>
    <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plant in Cap&atilde;o do Le&atilde;o</font></td>
    <td style="padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,522 </font></td>
    <td style="padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;46,749 </td>
    <td style="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;50,271 </b></font></td></tr>
  <tr>
    <td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plant in Mato Leit&atilde;o</font></td>
    <td style="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,355 </font></td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;15,820
</td>
    <td style="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;18,175 </b></font></td></tr>
  <tr style="font-size: 3pt">
    <td style="padding-left: 5.4pt; padding-right: 5.4pt; font-size: 3pt; white-space: nowrap">&nbsp;</td>
    <td style="padding-right: 5.4pt; font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</td>
    <td style="padding-right: 5.4pt; font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</td>
    <td style="padding-right: 5.4pt; font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</td></tr>
  <tr>
    <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at 03/31/2025</b></font></td>
    <td style="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;10,268 </b></font></td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><B>110,049</B></td>
    <td style="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#8239;&nbsp;120,317
</B></FONT></td></tr>
  </table>

<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in investment properties:</p>

<p style="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Parent and Consolidated</b></font></td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 61%">&nbsp;</td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Change in<BR>
 fair value</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>03/31/2025</b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tannery in Promiss&atilde;o</font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,435 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">270
</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;7,705 </b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tannery in Bataguass&uacute;</font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;44,166 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;44,166 </b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plant in Cap&atilde;o do Le&atilde;o</font></td>
    <td style="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;47,844 </font></td>
    <td style="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,427 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;50,271 </b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plant in Mato Leit&atilde;o</font></td>
    <td style="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;17,349 </font></td>
    <td style="border-top: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;826 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;18,175 </b></font></td></tr>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance</b></font></td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;116,794 </font></td>
    <td style="border-top: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,523 </font></td>
    <td style="border-top: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;120,317 </b></font></td></tr>
  </table>

<P STYLE="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<p style="margin: 0">&nbsp;</P>




<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">16.
<font style="text-transform: none">PROPERTY, PLANT AND EQUIPMENT</font></p>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables show the weighted average
annual depreciation rate determined using the straight-line method and based on the economic useful life of the assets and their balances.</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in property, plant and equipment:&#9;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>


<P STYLE="margin: 0"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td colspan="4" style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Parent</b></font></td></tr>
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Property, plant and equipment</b></font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 35%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Description</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 3pt; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Land,
    constructions and buildings</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 3pt; text-align: right; width: 19%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Machinery,<BR>

    equipment, furniture and fixtures</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 3pt; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Construction in progress</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 3pt; text-align: right; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Other</b></font></td>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 3pt; text-align: right; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Total</b></font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average annual depreciation rates</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.47%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.77%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.90%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,782,790 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;669,691 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">288,328 </td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;166,753 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,907,562 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(344,898)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(274,601)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">-&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(70,503)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(690,002)</font></td></tr>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at December 31, 2024</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,437,892 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;395,090 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;288,328 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;96,250 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,217,560 </font></td></tr>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 1pt; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;21,013 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;55,890 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,397 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;78,300 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-offs</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(17)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(19)</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,219 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(6,335)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;116 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reclassification <sup>(a)</sup></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(181)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&#8239;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(181)</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation in the period</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(16,877)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(15,670)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(5,635)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(38,182)</font></td></tr>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at 03/31/2025</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;1,427,234 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;400,416 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;337,702 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;92,126 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;2,257,478 </b></font></td></tr>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,789,009 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;690,546 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;337,702 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;168,262 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,985,519 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(361,775)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(290,130)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(76,136)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(728,041)</font></td></tr>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at the end of the period</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;1,427,234 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;400,416 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;337,702 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;92,126 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;2,257,478 </b></font></td></tr>
  </table>
<P STYLE="font-size: 5pt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><sup>(a)</sup> Amounts
reclassified to intangible assets.</font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td colspan="4" style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Consolidated</b></font></td></tr>
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD COLSPAN="4" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; padding-right: 4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Property, plant and equipment</b></font></td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 35%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Description</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Land, constructions and buildings</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 19%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Machinery,<BR>
 equipment, furniture and fixtures</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 13%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Construction in progress</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Other</b></font></td>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Total</b></font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average annual depreciation rates</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.15%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.09%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.05%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;26,071,449 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;33,998,845 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,091,946 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,101,435 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;63,263,675 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(6,300,370)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(15,229,040)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(488,152)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(22,017,562)</font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at December 31, 2024</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;19,771,079 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,769,805 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,091,946 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;613,283 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;41,246,113 </font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;88 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;23,920 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;469,217 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,522 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;501,747 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of related party</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;16,173 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;25,949 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;66,634 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;142,672 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;251,428 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-offs</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(13,560)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(4,085)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(84)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(4)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(17,733)</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;201,612 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;290,099 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(478,545)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(13,166)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reclassification <sup>(a)</sup></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(4,507)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(181)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(301)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(4,989)</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Translation gains (losses)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(192,424)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(280,005)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(138,979)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(35,449)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(646,857)</font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation in the period</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(188,483)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(691,957)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(21,748)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(902,188)</font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at 03/31/2025</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;19,594,485 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;18,129,219 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;2,010,008 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;693,809 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;40,427,521 </b></font></td></tr>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;25,939,456 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;33,696,377 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,010,008 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,257,850 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;62,903,691 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(6,344,971)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(15,567,158)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(564,041)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(22,476,170)</font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at the end of the period</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;19,594,485 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;18,129,219 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;2,010,008 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;693,809 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;40,427,521 </b></font></td></tr>
  </table>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><sup>(a)&nbsp;</sup>Amounts
reclassified to intangible assets, to the cost of forest formation in biological assets and to the line items of other current receivables
and other non-current receivables, when they refer to sales of fixed assets to third parties.</font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&nbsp;</font></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has not identified indications of
assets recorded at an amount higher than the amount that could be recovered through their use or sale.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company recorded property, plant and equipment
that are fully depreciated and still in operation, as well as temporarily idle items, as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</td>
    <td colspan="5" style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Parent</b></font></td></tr>
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 10%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 10%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 1%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 10%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 20%; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>03/31/2025</b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Description</b></font></td>
    <td style="white-space: nowrap; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <td colspan="2" style="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td colspan="2" style="border-bottom: #0070C0 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Property, plant and equipment<BR>
 fully depreciated and still in<BR>
 operation</b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Land, constructions and buildings</font></td>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,039 </font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Machinery, equipment, furniture and fixtures</font></td>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;49,506 </font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</font></td>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;48,787 </font></td></tr>
  <tr style="font-size: 3pt">
    <td style="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt">&nbsp;</td>
    <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt">&nbsp;</td>
    <td style="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;99,332 </b></font></td></tr>
  </table>
<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: center">&nbsp;</td>
    <td colspan="5" style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Consolidated</b></font></td></tr>
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; white-space: nowrap; width: 1%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="padding-left: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 1%; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 10%; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; width: 20%; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>03/31/2025</b></font></td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Description</b></font></td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Temporarily idle property, plant and equipment</b></font></td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Property, plant and equipment<BR>
 fully depreciated and still in<BR>
 operation</b></font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Land, constructions and buildings</font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="padding-left: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;33,451 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;430,748 </font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Machinery, equipment, furniture and fixtures</font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;81,896 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,311,669 </font></td></tr>
  <tr>
    <td style="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;111 </font></td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;109,650 </font></td></tr>
  <tr style="font-size: 3pt">
    <td style="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <td style="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;115,458 </b></font></td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt">&nbsp;</td>
    <td style="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;1,852,067 </b></font></td></tr>
  </table>
<p style="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: Red"><FONT STYLE="color: #1374FB"><B>17.
<FONT STYLE="text-transform: none">RIGHT-OF-USE ASSETS</FONT></B></FONT></p>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables show the weighted average
annual depreciation rate determined using the straight-line method and based on the economic useful life of the assets and their balances.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in right-of-use assets:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</td>
    <td colspan="4" style="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><b>Parent</b></font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; width: 56%; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; width: 11%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; width: 11%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; width: 11%; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; width: 11%; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Right-of-use assets</b></font></td></tr>
  <tr>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Description</b></font></td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Plants</b></font></td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Aircraft</b></font></td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Other</b></font></td>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><b>Total</b></font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average annual depreciation rates</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.00%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.00%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.00%</b></font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;35,671 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;360,608 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,522 </font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;399,801 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(25,143)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(12,020)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(3,111)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(40,274)</font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at December 31, 2024</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,528 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;348,588 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;411 </font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;359,527 </font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation in the period</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(718)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(18,030)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(176)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(18,924)</font></td></tr>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at 03/31/2025</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;9,810 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;330,558 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;235 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;340,603 </b></font></td></tr>
  <tr style="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;35,671 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;360,608 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,522 </font></td>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;399,801 </font></td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(25,861)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(30,050)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(3,287)</font></td>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(59,198)</font></td></tr>
  <tr style="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt">&nbsp;</td></tr>
  <tr>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net balance at the end of the period</b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;9,810 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;330,558 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;235 </b></font></td>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&nbsp;340,603 </b></font></td></tr>
  </table>
<p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1374FB; font: bold 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 2.5pt; border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-top: 2pt; border-top: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 2.5pt; border-top: rgb(19,116,251) 1.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; padding-top: 2pt; white-space: nowrap; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(19,116,251) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: rgb(19,116,251) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,111,192) 1pt solid; background-color: #F2F2F2; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Right-of-use assets</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap; width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Manufacturing <BR>
plants and <BR>
confinements</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; vertical-align: middle; padding-right: 1.5pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Machinery&nbsp;and <BR>
equipment</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Aircraft</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Total</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average annual depreciation rates</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.24%</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14.36%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20.00%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>33.11%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,059,436 </FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,324,626 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;360,608 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;494,590 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,239,260 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,173,926)</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(732,062)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(12,020)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(271,890)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(3,189,898)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-left: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net balance at December 31, 2024</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,885,510 </FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;592,564 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;348,588 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;222,700 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,049,362 </FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-size: 3pt; padding-left: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; font-size: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;218,823 </FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;32,254 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;104,690 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;355,767 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of related party</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;735,228 </FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;735,228 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Write-offs</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(11,321)</FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;539 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,712)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(12,494)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,000 </FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(16,119)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11,119 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reclassification <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(413)</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;301 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(119)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(12,873)</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(33,617)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(12,453)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(58,943)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation in the period</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(179,843)</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(46,301)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(18,030)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(49,398)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(293,572)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-left: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net balance at 03/31/2025</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,640,111 </B></FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;529,313 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;330,558 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;275,247 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,775,229 </B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; padding-left: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-left: 2.5pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,856,571 </FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,215,982 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;360,608 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;583,455 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,016,616 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,216,460)</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(686,669)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(30,050)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(308,208)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(3,241,387)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-left: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net balance at the end of the period</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,640,111 </B></FONT></TD>
    <TD STYLE="padding-left: 3pt; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;529,313 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;330,558 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;275,247 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,775,229 </B></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP>
&nbsp;&nbsp;Amounts reclassified to biological assets (non-current).</FONT></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">18. <FONT STYLE="text-transform: none">INTANGIBLE ASSETS</FONT></P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables show the weighted average
annual amortization rate determined using the straight-line method and based on the economic useful life of the assets and their balances.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in intangible assets are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 3.5pt; width: 32%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: rgb(19,116,251) 1.5pt solid; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: rgb(19,116,251) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: rgb(19,116,251) 1.5pt solid; width: 16%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: rgb(19,116,251) 1.5pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(19,116,251) 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: rgb(19,116,251) 1.5pt solid; width: 11%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; padding-left: 3.5pt; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Average <BR>
amortization <BR>
rate</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Balance at <BR>
December 31, <BR>
2024</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Reclassification <SUP>(A)</SUP></B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 8pt; padding-right: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Balance at <BR>
March 31, <BR>
2025</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 3.5pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales channels</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;149,270 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(4,064)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.5pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;145,206 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 3.5pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Software and licenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.03%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;33,159 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">181
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,711)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.5pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;31,629 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 3.5pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trademarks and patents</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.18%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;49,710 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(728)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.5pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;48,982 </FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 3.5pt; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; font-size: 3pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;232,139 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;181 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(6,503)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;225,817 </B></FONT></TD>
    </TR>
  </TABLE>



<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(a)</SUP>
Amounts reclassified from property, plant and equipment.</FONT></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; padding-top: 2pt; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 1.5pt; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 1.5pt; padding-top: 2pt; background-color: #F2F2F2; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 1.5pt; padding-top: 2pt; background-color: #F2F2F2; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 1.5pt; padding-top: 2pt; background-color: #F2F2F2; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 1.5pt; padding-top: 2pt; background-color: #F2F2F2; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 1.5pt; padding-top: 2pt; background-color: #F2F2F2; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; background-color: #F2F2F2; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; width: 20%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Average <BR>
amortization <BR>
rate</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Balance at <BR>
December&nbsp;31, <BR>
2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Additions</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Acquisition of<BR>
 related party</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Write-offs</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Translation <BR>
gains (losses)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Reclassification&nbsp;<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Transfers</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 1.5pt; width: 8%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Balance at <BR>
March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,404,184 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;41 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(102,464)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,301,761 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sales channels</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;149,271 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(4,064)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;145,207 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Software and licenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.64%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;277,799 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;328 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;212 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(39)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,767)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;119 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;56,396 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(39,295)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;293,753 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trademarks and patents</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.63%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;12,559,944 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,141,102 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(90,486)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(32,281)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;13,578,278 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Customer relationship</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.91%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,981,218 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(92,433)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(92,196)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,796,589 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplier relationship</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.68%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,715,075 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(119,198)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(78,671)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,517,206 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-compete agreements</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.52%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,552 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,126 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,016)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,662 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;37,690 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;46,898 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(55)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,693 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(56,396)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; text-align: right; padding-right: 1.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;35,830 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;19,127,733 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;48,352 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,141,355 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(40)</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(406,403)</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,812 </B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font-weight: bold; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(247,523)</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; text-align: right; padding-right: 1.5pt; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;19,671,286 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(a)</SUP>
Amounts reclassified from property, plant and equipment.</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The goodwill generated from acquisitions of equity
interests abroad is expressed in the business unit&rsquo;s functional currency and is translated at the closing rate.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 19. <FONT STYLE="text-transform: none">TRADE ACCOUNTS PAYABLE</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; width: 50%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 2%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,662,773 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,761,867 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;21,133,123 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,465,165 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;32,321 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;39,402 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;147 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,637 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-) Present value adjustment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(229,283)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(194,190)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,695,094 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,801,269 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,903,987 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,273,612 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,695,094 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,801,269 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,897,879 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,261,845 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;6,108 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11,767 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0pt 0pt; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(a)</SUP>
Trade accounts payable with related parties are detailed in Note 36 - Related-party transactions.</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has partnerships with several financial
institutions that enable suppliers to advance their receivables and, therefore, transfer the right to receive invoiced amounts to financial
institutions (&ldquo;<B>Supplier chain financing</B>&rdquo; or &ldquo;<B>Program</B>&rdquo;). Suppliers are free to choose whether or
not to advance receivables and the institution with which to carry out the operation, without the participation of the Company.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Program can generate benefits in the commercial
relationships of the Company and its suppliers, such as preferential supply in cases of restricted supply, better price conditions, among
others, with no change to the commercial essence of the relationship.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The invoices included in this Program are payable
under the same price and term conditions negotiated with its suppliers, with no additional charges to the Company, and therefore there
are no changes to the commercial conditions after negotiation and invoicing of the goods or services.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of invoices included in the Supplier
chain financing is R$ 787,959 in the Parent Company and R$&nbsp;5,251,558 in the Consolidated in the period ended March 2025 (R$ 789,382
in the Parent Company and R$ 5,732,095 in the Consolidated in December 2024).</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The average payment term agreed with suppliers
that choose to participate in the Program is substantially similar to the average payment term agreed with non-participating suppliers.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company measures and specifies the adjustment
to present value of all its commercial transactions made in installments, specifying financial and operational items.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 20. <FONT STYLE="text-transform: none">ACCRUED PAYROLL AND RELATED CHARGES</FONT></P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balances of payroll and related taxes and
social benefits were evaluated, as shown below:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 50%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries and payroll charges</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;92,955 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;124,323 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,307,209 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,339,386 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonuses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;93,137 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;93,137 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;955,654 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;906,887 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;549,979 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;562,403 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;17,145 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,344 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;186,092 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;217,460 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,829,987 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,819,020 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;186,092 </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;217,460 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,372,190 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,351,893 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;457,797 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;467,127 </FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">20.1. Employee Benefits</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsidiary BRF offers its employees supplementary
retirement plans and other benefits. The annual financial statements as of December 31, 2024 (note 20.2) disclosed the characteristics
of the supplementary retirement plans as well as other employee benefits offered by subsidiary BRF, which did not undergo any changes
during the period.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 3pt; white-space: nowrap; width: 74%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 13%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 13%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Healthcare plan</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;62,661 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;61,278 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FGTS severance pay</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;77,449 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;75,771 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Seniority bonus</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;113,791 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;111,071 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retirement bonus</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;57,429 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;56,087 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Life insurance </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,928 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,887 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Defined benefit</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;229,721 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;249,309 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 3pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;549,979 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;562,403 </FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 21. <FONT STYLE="text-transform: none">TAXES PAYABLE</FONT></P>



<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap; width: 51.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 0.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">State VAT (ICMS) payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;501,496 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;521,162 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income and social contribution taxes payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;57,870 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;659,886 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;716,547 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special tax debt installment plans</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,539 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,707 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;109,874 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;96,840 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other taxes, fees and contributions payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;21,988 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,108 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;140,411 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;160,414 </FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2.5pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-left: 2.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;23,527 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;77,685 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,411,667 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,494,963 </FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="padding-left: 2.5pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-left: 2.5pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;22,679 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;18,818 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,215,626 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,236,661 </FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;848 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;58,867 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;196,041 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;258,302 </FONT></TD>
    </TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="padding-left: 2.5pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in special installment payment plans are
as follows:</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding-left: 2.5pt; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding-left: 2.5pt; white-space: nowrap; width: 51.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 0.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Opening balance</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,707 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,710 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;96,840 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;109,346 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(+) Enrollment in the installment payment program</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;9,340 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(+) Acquisition of related party</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;6,888 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(+) Inflation adjustment interest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;39 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;186 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,980 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,033 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-) Payments / offsets made</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(207)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,189)</FONT></TD>
    <TD STYLE="padding-right: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;(5,174)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; padding-right: 3pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(19,539)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 2.5pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Debt balance</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,539 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,707 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;109,874 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;96,840 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On January 9, 2025, the Company, through its subsidiary
BRF, enrolled in the installment payment program for ICMS debts, in the amount of R$ 9,340, which will be settled in cash in sixty installments.</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 22. <FONT STYLE="text-transform: none">LOANS, BORROWINGS AND DEBENTURES</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left; width: 33%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Credit facility</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; width: 23%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Charges (% p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Weighted <BR>
average <BR>
interest&nbsp;rate <BR>
(p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Weighted <BR>
average <BR>
maturity <BR>
(years)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Domestic currency:</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NCE/Working capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Fixed Rate </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.02%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;0.20 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;158,378 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;153,062 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPR/CCB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;CDI </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.80%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2.41 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,801,550 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,599,447 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agribusiness Receivables Certificates (CRA)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;CDI / IPCA + Fixed Rate </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.90%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5.77 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;10,537,853 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,420,713 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total domestic currency</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13.31%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;13,497,781 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;15,173,222 </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Foreign currency:</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NCE/Prepayment (US$)/ACC (US$) </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Fixed Rate + SOFR </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.07%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3.29 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,390,282 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,377,675 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank loan (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Fixed Rate + FX </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.30%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2.85 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,400,212 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;126,953 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CRA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Fixed Rate </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.20%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3.79 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;525,579 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;576,008 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total foreign currency</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6.86%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;7,316,073 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,080,636 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total loans, financing and debentures</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11.04%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,813,854 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;21,253,858 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,989,160 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,479,301 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;17,824,694 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;16,774,557 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 3pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-bottom: 2pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Credit facility</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Charges (% p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Weighted <BR>
average <BR>
interest&nbsp;rate <BR>
(p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Weighted <BR>
average <BR>
maturity <BR>
(years)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Domestic currency:</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NCE/Working Capital</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDI + Fixed Rate </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.58%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2.17 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,287,463 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,266,464 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPR/CCB</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDI </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.80%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2.41 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,801,550 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,599,447 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CRA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDI + IPCA
+ Pre Fixed + Fixed Rate </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.91%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6.02 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;12,396,593 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;12,186,259 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debentures</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;IPCA </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.90%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5.01 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,507,109 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,337,210 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total domestic currency</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12.80%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;21,992,715 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;23,389,380 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Foreign currency:</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepayment/NCE/ACC (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed Rate
+ SOFR/ Pre-Fixed + FX </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.47%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3.33 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;6,856,516 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;6,975,777 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed Rate
+ FX / Pre-Fixed </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.07%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8.63 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;18,782,029 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,525,424 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank loan (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed Rate
+ SOFR + FX </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.47%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2.25 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,789,319 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,340,520 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revolving credit facility</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed Rate
+ SOFR </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.48%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3.48 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,714,215 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,057,761 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Working capital </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pre-Fixed /
Fixed Rate / Eibor </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.48%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;0.83 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,223,196 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,258,761 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CRA</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed Rate
</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.20%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3.79 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;525,579 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;576,008 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total foreign currency</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.94%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; vertical-align: bottom; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;35,890,854 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;37,734,251 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total loans, financing and debentures</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8.55%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;57,883,569 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;61,123,631 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;6,621,740 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,352,851 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;51,261,829 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;52,770,780 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The changes in loans, financing and debentures
are as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Description</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Additions <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Loan costs</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Payments <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Interest <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Capitalized<BR>
 interest</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Translation<BR>
 gains (losses)</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">Balance sheet <BR>
conversion <BR>
adjustment</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;21,253,858 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,864,571 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;19,252 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(2,945,878)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;674,258 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(52,207)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,813,854
</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;61,123,631 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;24,060,233 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;50,343 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(26,469,282)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;1,552,477 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;13,887 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(837,547)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(1,610,173)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>57,883,569 </B></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(a)&nbsp;</SUP>Includes
working capital transactions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(b)&nbsp;</SUP>Includes
interest, inflation adjustment of principal, coupon and mark-to-market for hedged debts in a fair value hedge.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The maturity schedule of loans, financing and
debentures is as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 0.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,979,475 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,479,301 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,711,607 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;8,352,851 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2026</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1,691,509 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,184,179 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;8,273,885 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;10,004,959 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2027</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,330,083 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,858,936 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,632,649 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,364,504 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2028</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,598,920 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,393,699 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;9,683,267 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7,381,965 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2029</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2,516,979 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;2,627,352 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;9,353,431 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;9,989,764 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2030 onwards</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,696,888 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;5,710,391 </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,228,730 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;20,029,588 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="padding-left: 3pt; font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 3pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,813,854 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;21,253,858 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;57,883,569 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;61,123,631 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 22.1. CRA</P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On March 12, 2025, the Company approved the 19<SUP>th</SUP>
(nineteenth) issue of simple, non-convertible, unsecured debentures, in up to 5 (five) series, for private placement, in the form of automatic
registration of distribution.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Within the scope of the public offer for the distribution
of agribusiness receivables certificates of the Issuer's 387<SUP>th</SUP> issue, with nominal unit value on the issue date of R$ 1, totaling
R$ 1,500,000, backed by agribusiness credit rights (CRA), without additional personal guarantee (private placement). The financial settlement
was made on April 3, 2025, and the total amount raised was R$1,500,000.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">22.2. Guarantees</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap; width: 51.5%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 0.5%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance of financing</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,813,854 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;21,253,858 </FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;57,883,569 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;61,123,631 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Guarantees:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Promissory note</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;297,446 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;315,228 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;297,446 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;315,228 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Surety</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,269,294 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,534,825 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;3,747,622 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;4,028,761 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Facilities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;-&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;4,253,982 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;3,423,107 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Letter of credit</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;243,730 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;257,402 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;243,730 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;257,402 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No guarantees</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;17,003,384 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;17,146,403 </FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; text-align: right; white-space: nowrap; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;49,340,789 </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;53,099,133 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt"> 22.3. Covenants</P>



<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is a party to some loan and financing
contracts that contain clauses requiring the maintenance of specific limits of consolidated debt, through covenants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These covenants set the limit of 4.75x for the
ratio of Net Debt to EBITDA in the last 12 months (LTM). Failure to comply therewith could lead creditors to request the early maturity
of the Company&rsquo;s debt.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Due to the contractual provisions (carve-out)
that allow the exclusion of foreign exchange variation effects from the calculation of leverage ratio (net debt/Adjusted EBITDA - LTM),
the Company clarifies that based on this methodology, the current leverage ratio (net debt/Adj. EBITDA) stood at 2.32x.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The leverage ratio is calculated as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap; width: 88%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated gross debt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;58,218,588 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-) Consolidated cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;20,093,668 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-) Effect from exchange variation (carve-out)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;5,425,228 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated adjusted net debt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #0070C0 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;32,699,692 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA in the period ended March 31, 2025</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;14,103,093 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2.5pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leverage ratio</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;2.32 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company did not identify any breach of its
covenants in the period ended March 2025.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">23.
<FONT STYLE="text-transform: none">ADVANCES FROM CUSTOMERS</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> Third parties</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,470,045 </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,789,376 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,570,128 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,089,060 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> Related parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 1 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   - </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,470,046 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,789,380 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,570,128 </B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,089,060 </FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 3pt 0pt 0pt; font-size: 10pt">(a)   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances from customers with related parties are detailed in Note 36 &ndash; Related parties.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Advances from customers refer to amounts received
in advance from customers in accordance with the Company&rsquo;s credit policies, the average period for repayment of these advances is
6 months.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">24.
<FONT STYLE="text-transform: none">LEASE PAYABLE</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company measures its lease liabilities at
the present value of installments and costs associated with the lease agreement.</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table presents the breakdown of
lease payable:</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #002060; font-weight: bold; text-align: left; width: 51%">Lease</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; width: 12%">Weighted&nbsp;<BR>
 average&nbsp;<BR>
 interest rate&nbsp;<BR>
 (p.a.)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; width: 12%">Weighted&nbsp;<BR>
 average&nbsp;<BR>
 maturity&nbsp;<BR>
 (years)</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 12%">03/31/2025&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 12%">12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt">Plants, facilities and buildings</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">7.00%</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">      3.40&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">     13,735</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">     14,740</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; border-top-color: #E7E6E6; border-top-width: 1pt">Aircraft</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">13.88%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     10.00&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    438,210</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    438,210</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; border-top-color: #E7E6E6; border-top-width: 1pt">Other</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5.10%</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      0.10&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">        73</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       293</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; border-top-color: #E7E6E6; border-top-width: 1pt">Interest to incur</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 50pt; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">        - </TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 50pt; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"> - </TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    (79,123)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    (79,388)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    372,895</TD>
    <TD STYLE="padding-right: 5.4pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    373,855</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; padding-left: 2pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-weight: bold">Current liabilities</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">     34,158</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">     29,004</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 2pt; font-weight: bold; border-top-color: #E7E6E6; border-top-width: 1pt">Non-current liabilities</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    338,737</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    344,851</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; width: 12%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; width: 12%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-top: 0pt; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Lease</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Weighted&nbsp;<BR>
 average&nbsp;<BR>
 interest rate&nbsp;<BR>
 (p.a.)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Weighted&nbsp;<BR>
 average&nbsp;<BR>
 maturity&nbsp;<BR>
 (years)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-top: 0pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Plants, facilities, buildings and confinements</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.89%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">      6.70 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,515,446</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   3,680,119 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Machinery and equipment</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.87%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">      3.90 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>565,756</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    631,881 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aircraft</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.88%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     10.00 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>438,210</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    438,210 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.61%</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">      1.60 </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>276,968</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    225,378 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest to incur</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 50pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        - </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 50pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        - </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 2pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    (105,094)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 2pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     (79,388)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,691,286</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; padding-top: 0pt; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   4,896,200 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,246,651</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   1,204,466 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,444,635</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-top: 0pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   3,691,734 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Financial charges are recognized as financial
expenses based on the real discount rate, according to the remaining period of the agreement.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table presents the changes in lease
payable:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #002060; text-align: left; width: 8%">Description</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Additions&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Acquisition of&nbsp;<BR>
 related party&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Financial&nbsp;<BR>
 expenses&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Payments&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Translation&nbsp;<BR>
 gains&nbsp;(losses)&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Write-offs&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Balance&nbsp;sheet&nbsp;<BR>
 conversion&nbsp;<BR>
 adjustment&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; text-align: right; width: 8%">Adjustment&nbsp;to&nbsp;<BR>
 present value&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; text-align: right; width: 8%">03/31/2025&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-left: 2pt; color: #00A000; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Parent</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">    373,855</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">        - </TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">        - </TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">       259</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">     (1,224)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">        - </TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">        - </TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">        - </TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">         5</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; border-bottom: #E7E6E6 1pt solid; font-weight: bold; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">    372,895</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #00A000; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">Consolidated</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">  4,896,200</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">    355,767</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">    736,890</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">    104,014</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">   (302,346)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">        22</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">    (31,316)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 3pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">    (67,950)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">         5</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 5.4pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">  5,691,286</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">The maturity schedule of lease agreements is as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-left: 2pt; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; width: 12%">03/31/2025&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; vertical-align: bottom; text-align: right; width: 12%">12/31/2024&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">03/31/2025&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 12%">12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     25,480</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     29,004</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    988,126</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  1,204,520</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2026</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     35,170</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     35,498</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  1,011,539</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    887,189</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2027</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     36,884</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     36,975</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    830,742</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    721,530</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2028</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     37,268</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     37,224</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    630,731</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    498,349</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2029</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     36,220</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     36,355</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    524,221</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    414,049</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 2pt; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">2030 onwards</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    201,873</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    198,799</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  1,705,927</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  1,170,563</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; text-align: right">    372,895</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-right: 5.4pt; vertical-align: bottom; text-align: right">    373,855</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-right: 5.4pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">  5,691,286</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2">  4,896,200</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">24.1.
Potential right to PIS and COFINS</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company holds the potential right to recoverable
PIS and COFINS taxes embedded in the consideration of certain leases for industrial plants, buildings, machinery and equipment and others.
The measurement of the cash flows from the leases did not detail the tax credits, with the potential effects from PIS/COFINS presented
below:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 51%; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Nominal</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Adjustment to&nbsp;<BR>
 present value&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Nominal</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Adjustment to&nbsp;<BR>
 present value</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease consideration</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">       13,735 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">       12,228 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">      933,365 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">      891,627 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Potential PIS / COFINS (9.25%)</FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        1,270 </FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        1,131 </FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; white-space: nowrap; border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">       86,336 </FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">       82,475 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">24.2.
Inflationary effects</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company evaluated the impacts of using nominal
flows and concluded that they do not present relevant distortions in the information presented. The balances of right-of-use assets, depreciation,
lease liabilities and financial expenses without inflation, referred to as real flow, and the estimate of the balances adjusted for inflation
in the comparison periods, referred to as inflation-adjusted flow, are presented.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Other assumptions, such as the timetable for the maturity
of liabilities and the interest rates used in the calculation, are presented in other items of these notes, while the inflation rates
are observable in the market, enabling the users of the individual and consolidated financial statements to determine the inflation-adjusted
flows. The Company used the Broad Consumer Price Index - IPCA (5.48% p.a.) to adjust the balance for inflation.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Right-of-use assets</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Lease liabilities</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt; width: 24%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt; width: 23%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Real flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Real flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1.5pt solid; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     359,527 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   5,068,801 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     373,154 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   5,795,300 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     (18,924)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    (293,572)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       (259)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    (104,014)</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Inflation-adjusted flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Inflation-adjusted flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     364,354 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   5,101,633 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lease liabilities</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     378,164 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   5,832,555 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     (19,178)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    (295,459)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       (262)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    (104,634)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><B>25.
NOTES PAYABLE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes payable for investments in Brazil<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        - </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        - </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    255,885 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    257,262 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related parties<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 21,732,699 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 24,546,618 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     48,001 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        - </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        74 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     2,546 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       373 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     2,547 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 21,732,773 </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 24,549,164 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: #0070C0 2.25pt double; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    304,259 </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    259,809 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        74 </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     62,360 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    272,447 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    220,653 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 21,732,699 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 24,486,804 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     31,812 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     39,156 </FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 5pt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(a)</SUP> &nbsp;&nbsp;The amount substantially refers to the
acquisition of all shares in Mogiana Alimentos S.A. (acquired by subsidiary BRF in February 2022, with maturity in 6 years).</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(b)</SUP> &nbsp;&nbsp;In the parent, the amount presented
refers to loans with subsidiaries or controlling shareholders and in the consolidated, it refers to the acquisition of MFG. A breakdown
of the balance can be found in Note 36 &ndash; Related-party transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: #1374FB; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">26.
<FONT STYLE="text-transform: none">PROVISION FOR CONTINGENCIES</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.1.
Provision</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is involved in several labor, tax
and civil proceedings, in the ordinary course of business, for which provisions based on legal advisors&rsquo; estimates have been set
up.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The main information about these proceedings is
presented below:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 53%; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Labor and social security</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     54,451 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     54,027 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    608,886 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    689,014 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     47,956 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     46,942 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  5,494,308 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  5,458,631 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Civil</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    183,556 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    121,090 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  1,250,681 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  1,244,066 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    285,963 </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    222,059 </FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  7,353,875 </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  7,391,711 </FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        - </B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        - </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    721,318 </B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    784,296 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    285,963 </B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    222,059 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  6,632,557 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  6,607,415 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table shows the changes in provisions:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 34%; padding-right: 0pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Labor&nbsp;and&nbsp;social&nbsp;<BR>
 security</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Tax</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Civil</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Total</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; width: 1%; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Labor&nbsp;and&nbsp;social&nbsp;<BR>
 security</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Tax</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Civil</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom; width: 8%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>Total</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balance at December 31, 2024</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">        54,027</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   46,942 </FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  121,090</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">   222,059</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">       689,014</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 5,458,631</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 1,244,066</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  7,391,711</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Estimate accrued, net</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        18,012</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   1,014</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  62,466</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    81,492</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        93,625</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   19,234</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   56,603</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   169,462</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of related party</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 15.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>           - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 15.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 15.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 15.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>          179</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   41,056</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 15.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    41,235</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       (17,588)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   (17,588)</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      (163,563)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   (24,076)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   (44,173)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   (231,812)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Translation gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>           - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>      - </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       - </B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       (10,369)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     (537)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    (5,815)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   (16,721)</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>        54,451</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   47,956</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  183,556</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>   285,963</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>       608,886</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 5,494,308</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 1,250,681</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  7,353,875</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.1.1.
Labor and social security</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is a defendant in labor claims filed
by the Public Prosecutor. In the opinion of Management and legal advisors, the provision is sufficient to cover probable losses. Most
of the labor claims filed against the Company refer to matters usually alleged in the segment, such as dismissal with cause, preparation
time, breaks for personnel who work in refrigerated environments, work accidents, commuting time, ergonomic hazard, among others.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s Management believes no individual
labor claim is relevant.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.1.2.
Tax</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the opinion of its legal advisors, the
Company revised its estimate for unmaterialized tax risks in view of certain proceedings and legal discussions involving the Administrative
Council of Tax Appeals (CARF), in addition to decisions on matters under dispute.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The main discussions refer to ICMS assessments
due to non-compliance with accessory obligations, error in the calculation of the tax base, lack of reversal of credit granted, lack of
proof of export, omission of output in relation to inputs, use of ICMS credits on materials for use and consumption, presumed ICMS credit,
ICMS tax substitution, ICMS rate differential on seasoned products, disallowance of PIS and COFINS credits on inputs, disallowance of
estimated IRPJ/CSLL offset, lack of addition of profits abroad in the calculation of tax and contribution on income, GILRAT and IOF.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company, supported by its legal advisors,
considered sufficient the amounts recorded in provision for potential impacts in the event that such risks materialize.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt"><B>26.1.3.
Civil</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the opinion of legal advisors, Management
recognized a provision for lawsuits considered as probable risk of loss. The civil lawsuits of the Company typically involve disputes
related to commercial agreements, indemnity claims, breach of contract claims, regulatory, environmental and real estate issues, consumer
relations, business combinations among other matters. Additionally, the Company records an accrued amount substantially composed of the
termination of the agreement for sponsorship of the Brazilian Football Teams entered into with the Brazilian Football Confederation (CBF),
and reflects the adjustment of the existing risk for inflation - and also due to a Public Civil Action filed by the Federal Prosecutor's
Office aiming at civil compensation for damages caused due to the transportation of overweight cargo on federal highways.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.2.
Contingent liabilities</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Contingent liabilities, whose likelihood of
loss for the Company was defined by its legal advisors as possible and, therefore, are not recognized in the financial statements, are
shown below:</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 0pt; padding-left: 2pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Labor and social security</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     78,122</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     80,399</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>    330,597</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">    356,683</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  4,850,667</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  4,791,654</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 21,209,979</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 20,658,601</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Civil</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>     51,801</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">     92,461</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  1,641,440</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  1,622,056</FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>  4,980,590</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">  4,964,514</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B> 23,182,016</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 22,637,340</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.2.1.
Labor and social security</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The labor and social security lawsuits in which
the Company is party typically involve issues usually alleged in the segment, such as dismissal with cause, preparation time, breaks for
personnel who work in refrigerated environments, work accidents, commuting time, ergonomic hazards and others.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.2.2.
Tax</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The main tax matters discussed at court that
in the opinion of Management and legal advisors are rated as possible losses for the Company is presented below.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Federal taxes and contributions</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company was a party to administrative proceedings
and court claims filed by the Federal Government, claiming:</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">No increase in taxable income and IRPJ/CSLL base for profits earned abroad, disallowance of goodwill amortization
and non-subjection to tax of interest from loan agreements in force with subsidiaries abroad;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Disallowance of PIS/COFINS credits used for the offset of taxes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Payment of IOF related to checking account agreements executed among the companies of the group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Disallowances of PIS and COFINS credits resulting from the non-cumulative system due to differences in
the concept of disallowed inputs and their use in the production process, as well as the requirement to tax income relating to presumed
ICMS credits, differences relating to tax classification, extemporaneous credits and others;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Subsidiary BRF was assessed by the Brazilian Federal Revenue Service for alleged failure to pay Income
and Social Contribution Taxes on profits earned by its subsidiaries abroad. The defenses are supported by the fact that the subsidiaries
abroad are exclusively subject to full taxation in the countries in which they are headquartered as a result of treaties to avoid double
taxation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">f)</TD><TD STYLE="text-align: justify">Non-approval of offsets of presumed IPI credits arising from the acquisition of non-taxed products and
intermediate materials;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">g)</TD><TD STYLE="text-align: justify">Collection of social security contributions on payroll, profit sharing, GILRAT for financing special retirement,
SAT/RAT, as well as other amounts of various natures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">h)</TD><TD STYLE="text-align: justify">Customs fine on imports, alleged lack of proof of drawback and disallowance of REINTEGRA credit.</TD></TR></TABLE>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has other federal tax debts, whose
collection suits are individually immaterial.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>State VAT - ICMS</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are administrative and judicial proceedings,
requiring:</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Tax deficiency notices discussing the collection of ICMS in the state of Goi&aacute;s related to the disallowance
of ICMS credits due to noncompliance with accessory obligations, error in the basis for calculation of the value due in ICMS taxes, failure
to return credits granted after goods were returned, failure to return ICMS credits on the acquisition of inputs/goods proportionally
to disbursements, failure to substantiate exports of goods abroad;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Disallowance by the States of destination of the goods, of the ICMS credit arising from tax incentives
granted by the States of origin unilaterally, without approval of an agreement by the National Council of Fiscal Policy (&ldquo;CONFAZ&rdquo;),
the so-called &ldquo;tax war&rdquo;; non-proof of export; infraction notices from the state of Rio de Janeiro, due to alleged non-compliance
with the Term of Agreement that provided for a tax benefit; public-interest civil action in Rio de Janeiro regarding the use of tax benefit;
and ICMS tax assessment notice in Goi&aacute;s referring to the exclusion of the credit reversal from the PROTEGE calculation basis; among
other lawsuits. The reductions in contingencies related to the tax war are due to the recognition of credits by the States, according
to LC 160 and ICMS Agreement 190; and</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Alleged differences in tax substitution regime; disallowance of presumed ICMS credit arising from tax
benefits provided for in PRODEPE due to alleged non-compliance with accessory obligations; disallowance of presumed credit on transfers
as the Tax Authorities understand that the PRODEIC benefit only applies to sales transactions; disallowance of ICMS credit on transfers
of goods intended for commercialization on the grounds that the calculation basis used would have been higher than the production cost
defined in complementary law 87/96 (art. 13, paragraph 4); and disallowance of ICMS credit on intermediate materials that the Tax Authorities
classified as for use and consumption.</TD></TR></TABLE>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is a party to administrative proceedings
and lawsuits, whose collection suits are individually immaterial.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Municipal taxes</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is involved in a lawsuit which claims
the collection of municipal taxes, such as alleged differences in Property tax (IPTU), fees and ISSQN (Services tax).</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.2.3.
Civil</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The civil lawsuits of the Company typically
involve litigations related to business agreements and others refer mainly to disputes arising from allegations of contractual breach
and non-compliance with legal obligations of various natures, such as disputes arising from contracts in general, disputes relating to
intellectual property, regulatory, environmental and real estate issues, consumer relations, among other matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">26.3.
Additional information</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>National Beef business</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Five class actions and thirty-one individual
plaintiff actions were filed in the United States, and two class actions in Canada, claiming that the Company and/or its subsidiary, National
Beef, with other companies in the industry, allegedly colluded to control cattle and meat prices. In all the actions, the court issued
decisions that excluded the Company as a defendant and maintained National Beef. National Beef has also been notified of a civil investigation
conducted by the US Department of Justice and approximately thirty state attorneys' offices regarding the purchase of fed cattle and sale
of beef. National Beef responded to federal and state requests for information and cooperated with investigations. National Beef is also
a defendant in a class action filed in the United States claiming that a group of protein companies allegedly conspired to reduce and
fix the wages and benefits paid. National Beef has sound defenses against all claims, but has recorded a provision for the related amounts
and has been negotiating a possible settlement related to the claim involving salaries and benefits, which is pending approval by the
court.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.
<FONT STYLE="text-transform: none">EQUITY</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Equity was broken down as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left; width: 63%; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%; padding-right: 0pt; padding-left: 0pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Note</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>03/31/2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 13%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">12/31/2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share capital</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.1.
</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,367,391</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,367,391</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital reserves and treasury shares</FONT></TD>
    <TD STYLE="text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.2. </FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,943,472)</B></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,141,436)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal reserve</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.3. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>624,664</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">624,664</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax incentive reserve</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.4. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>964,286</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">964,286</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings reserve</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.5. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,637,330</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,637,330</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other comprehensive income</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.6. </FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(9,921,865)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,628,091)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88,132 </B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,816,466</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824,144</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.1.
Capital</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The subscribed and paid-in share capital in the
period ended March 2025 was R$ 10,367,391, comprising 857,928,119 shares and in the year ended December 2024 it was R$ 10,367,391, comprising
886,000,000 common shares with no par value.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the period ended March 2025, 618,281,980 shares,
or 72.07% of the Company's capital, were held by the controlling shareholders: Marcos Antonio Molina dos Santos, Marcia Aparecida Pascoal
Mar&ccedil;al dos Santos and companies in which they are partners (company controlled by Marcos and Marcia, each with a 50% equity interest),
the free float was 237,573,511 shares or 27.69%, of which 708,700 shares or 0.08% of the Company's capital were held in treasury, and
1,363,928 shares or 0.16% are held by its Board of Directors (BD), Audit Board (AB) and Executive Board (EB).</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Below we demonstrate the calculation of the &ldquo;free
float&rdquo;:</P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left; width: 58%; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 20%; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 20%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Share capital</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at March 31,&nbsp;<BR>
 2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59">Balance at December 31,&nbsp;<BR>
 2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling shareholders</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>618,281,980</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">597,163,480</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-top: rgb(231,230,230) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-top: rgb(231,230,230) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-top: rgb(231,230,230) 1pt solid; border-bottom: rgb(0,112,192) 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total controlling shareholders</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>618,281,980</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">597,163,480</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury shares</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>708,700</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,769,575</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares held by BD, AB and EB</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,363,928</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,637,128</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Free float</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>237,573,511</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">283,429,817</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>239,646,139</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">288,836,520</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of shares</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>857,928,119</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">886,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total share capital (R$ &lsquo;000)</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,367,391</B></FONT></TD>
    <TD STYLE="text-align: right; border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,367,391</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.2.
Capital reserves and treasury shares</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balances of the capital reserves and treasury
shares were broken down as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: left; width: 44%; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Capital reserves and treasury shares</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 15%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at&nbsp;<BR>
 December 31, 2024&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 13%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Translation&nbsp;<BR>
gains (losses)&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 13%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>(Acquisition) /&nbsp;<BR>
disposal</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 15%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at&nbsp;<BR>
March 31, 2025&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain on capital transactions <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,041,705</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">647,042</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,688,747</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goodwill on capital transactions <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,986,353)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144,186</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,842,167)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goodwill on stock option</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,897)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(18,897)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury shares - BRF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(639,521)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(210,424)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(849,945)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share-based payment - BRF</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,403)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(19,206)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common shares</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">184,800</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>184,800</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(437,669)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>144,186</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>436,815</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>143,332</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury shares</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,703,767)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(383,037)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,086,804)</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,703,767)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(383,037)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,086,804)</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,141,436)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>144,186</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>53,778</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,943,472)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(a)</SUP> &nbsp;&nbsp;&nbsp;&nbsp;Refers to BRF S.A., PlantPlus Brasil
Ltda. and MFG Agropecu&aacute;ria Ltda.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>(b)</SUP> &nbsp;&nbsp;&nbsp;&nbsp;Refers to National Beef Packing Company,
LLC, QuickFood S.A., Zutfray S.A. and Frigor&iacute;fico Tacuaremb&oacute; S.A.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Capital reserve</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The capital reserves reflect the contributions
made by shareholders that are directly related to the formation or increase of the capital stock, the changes in the relative interest
of the parent in subsidiaries that do not result in the obtainment or loss of control, as well as gains and/or goodwill on capital transactions.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Treasury shares</B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company held 708,700 common shares in treasury,
which were booked at the amount of R$ 10,816, which corresponds to the average cost of R$ 15.26 per share.</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Treasury shares amounted to R$ 2,086,804, of
which R$ 2,075,988 refers to treasury shares canceled.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes in treasury shares in the period are
shown below:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 68%; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Held in treasury</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Number of shares</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 16%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Amount (R$ &lsquo;000)</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance at December 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,769,575&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,620&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(+) Acquisition - share buyback program</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,011,800&nbsp;</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,050&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-) Cancellation of treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,071,881)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(436,841)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(-) Disposal - Stock options</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(794)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; border-bottom: #0070C0 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Balance at March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>708,700&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10,816&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Share buyback program</B></P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 26, 2025, the Board of Directors
approved a new Share Buyback Plan (&ldquo;Share Buyback Plan&rdquo;), in accordance with the following terms and conditions (in compliance
with Appendix G of CVM Resolution 80/22), authorizing the Company to acquire up to 23,801,131 (twenty-eight million, seventy-one thousand,
eight hundred and eighty-one) common shares, corresponding to 2.77% of the total shares issued by the Company and 10% of the outstanding
shares.</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the period ended March 2025, the Company
repurchased 25,011,800 shares for R$ 383,050, referring to the Company's share buyback program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Cancellation of treasury shares</B></P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 26, 2025, the Company&rsquo;s Board
of Directors approved the cancellation of 28,071,881 (twenty-eight million, seventy-one thousand, eight hundred and eighty-one) common
shares, with no par value, issued by the Company and held in treasury, without a reduction in the share capital. With the approval of
share cancellation, the Company&rsquo;s share capital comprises 857,928,119 (eight hundred fifty-seven million, nine hundred twenty-eight
thousand, one hundred and nineteen) registered, book-entry common shares without par value.</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Share buyback program of subsidiary BRF</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 26, 2025, subsidiary BRF&rsquo;s Board
of Directors approved, within the scope of the program for the acquisition of shares issued by it, an additional 15,000,000 common shares
in the amount of R$ 6,544,000 already repurchased by subsidiary BRF to this date.</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the period ended March 2025, subsidiary
BRF repurchased 21,044,000 shares for R$ 416,742, referring to Program II, started on May 7, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.3.
Legal reserve</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is 5% (five percent) of the Company&rsquo;s
net income, as defined in its bylaws and current corporate legislation. The balance of the legal reserve in the period ended March 2025
was R$ 624,664, remaining unaltered in relation to December 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.4.
Tax incentive reserve</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company benefits from state governments
subsidies related to ICMS (State VAT) as follows: Program for Industrial and Commercial Development of the state of Mato Grosso (&ldquo;PRODEIC&rdquo;)
and Tax Incentive Program for Industries (LC 93/2001 - MS), such incentives are directly associated to the investment in manufacturing
facilities, job generation, economic and social development, and to the harmonious and integrated growth of industrial operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The subsidies in the states of Rio Grande do
Sul and Rond&ocirc;nia, the State Program for Development, Coordination and Quality of the Agribusiness System of Cattle, Sheep and Buffalo
(Agregar-RS Carnes) and the Program for Regional Development of the State Council (CONDER-RO), now recorded in the tax incentive reserve,
are maintained, as the Company obtained the benefits up to the date of transfer of the assets.</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of the tax incentive reserve in
the period ended March 2025 was R$ 964,286, unchanged in relation to December 2024.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.5.
Earnings reserves</P>

<P STYLE="font: 10pt/11.9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The earnings reserves balance in the period
ended March 2025 was R$ 2,637,330, remaining unaltered in relation to December 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">27.6.
Other comprehensive income</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The balance of other comprehensive income was
broken down as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 40%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 0pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance at&nbsp;<BR>
 December&nbsp;31,&nbsp;2024</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 0pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Effect&nbsp;from&nbsp;<BR>
 exchange&nbsp;<BR>
 variation</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 0pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Realization</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 5.4pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Amounts&nbsp;in<BR>
 liabilities&nbsp;related<BR>
to&nbsp;assets&nbsp;held&nbsp;for<BR>
sale</B></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #021F59"><B>Balance&nbsp;at&nbsp;March&nbsp;<BR>
31, 2025</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange variation on net investments and balance sheet conversion</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,422,217</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(580,912)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,688)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,814,617</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange variation on loan</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,129,015)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,349</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,780,666)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange variation on goodwill</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,174,626</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(198,122)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(47,448)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>929,056</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deemed cost</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60,428</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(228)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>60,200</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains (losses) on net investment hedge</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(232,010)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,043</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(179,967)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains (losses) on interest hedge</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(892,680)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">158,276</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(734,404)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actuarial gains (losses) on pension plans and post-employment benefits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,163)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">632</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,531)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gains (losses) on realization of investments at FVOCI</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,494)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(23,170)</B></FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(9,628,091)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(430,685)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>211,047</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(74,136)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(9,921,865)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">28.
NET SALES REVENUE</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 12%; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue from sales of products - domestic market</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,161,785</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,115,653</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29,514,815</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,677,957</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>193,064</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,532</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,240</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,823</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,354,849</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,221,185</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29,516,055</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,681,780</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue from sales of products - foreign market</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>61,601</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,436</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,331,085</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,958,073</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,248,481</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">945,709</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">583</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,310,082</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,077,145</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,331,148</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,958,656</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross operating revenue</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,664,931</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,298,330</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>41,847,203</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,640,436</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deductions from gross sales</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes on sales</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(54,903)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,915)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,343,377)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,226,754)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Returns and discounts</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(128,540)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(103,999)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,098,817)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(822,766)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(183,443)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(156,914)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,442,194)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,049,520)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-size: 3pt; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net sales revenue</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,481,488</B></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,141,416</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>39,405,009</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,590,916</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">29.
COST AND EXPENSES BY NATURE</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has chosen to present the statement
of income by function and presents below expenses by nature:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font-size: 2pt; white-space: nowrap; width: 51%; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; vertical-align: bottom; width: 12%; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost of products and goods sold</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventory costs</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,746,316)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,621,045)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(30,303,599)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,887,297)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(33,705)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,927)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,500,411)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,429,929)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee salaries and benefits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(161,636)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(106,314)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,958,066)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,435,967)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,941,657)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,757,286)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(34,762,076)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,753,193)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(432)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(429)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(124,574)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(137,287)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee salaries and benefits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,182)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,808)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(596,268)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(488,543)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Freight</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,836)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(79,121)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,400,887)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,241,843)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Export expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(17,110)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,756)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(188,744)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(171,574)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marketing</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,624)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,976)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(280,823)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(254,862)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,701)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,720)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(146,857)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(174,586)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(135,885)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(128,810)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,738,153)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,468,695)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(29,472)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,375)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(169,771)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(128,935)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee salaries and benefits</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(7,968)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,248)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(206,495)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(194,048)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third-party services</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(43,378)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,220)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(158,580)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(103,745)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(8,200)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,382)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(112,119)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,016)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,018)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,225)</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1pt solid; border-bottom: rgb(0,112,192) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(646,965)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(464,744)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial Black,sans-serif; color: rgb(19,116,251); margin-top: 0pt; margin-bottom: 0pt">30.
<FONT STYLE="text-transform: none">NET FINANCIAL RESULT</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company&rsquo;s financial income (expenses)
is as follows:</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 51%; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; width: 12%; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Parent</B></FONT>&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; white-space: nowrap; width: 1%; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; text-align: right; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; width: 12%; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00A000"><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt">
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; border-top: #0070C0 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>YTD</B></FONT>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">YTD</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2024</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060"><B>2025</B></FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: #F2F2F2; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #002060">2024</FONT>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest received, earnings from financial investments</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>59,955</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,010</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>413,871</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340,144</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest accrued, debentures and lease with financial institutions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(685,521)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(413,396)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,655,178)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,278,231)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inflation adjustments, bank expenses, amortizations, costs on debt and other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(56,717)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(81,152)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(9,887)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(138,551)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Translation gains and losses</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(152,047)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,219</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(88,887)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,134</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(834,330)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(109,319)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,340,081)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(972,504)</FONT></TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font-size: 5pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,401,952</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">719,845</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,731,428</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,926,083</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29,623</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,709</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,431,575</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">824,554</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,731,428</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: right; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,926,083</FONT></TD></TR>
  <TR STYLE="font-size: 5pt; vertical-align: bottom">
    <TD STYLE="font-size: 5pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 5pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,992,360)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(752,517)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,071,509)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,898,587)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related parties<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(273,545)</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(181,356)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,265,905)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(933,873)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,071,509)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,898,587)</FONT></TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(834,330)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(109,319)</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,340,081)</B></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #0070C0 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(972,504)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><SUP>(a)</SUP>
&nbsp;&nbsp;&nbsp;&nbsp;The financial result balances with related parties are detailed in note 36 - Related parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1374FB"><B></B>&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 31. <FONT STYLE="text-transform: none">EARNINGS (LOSS) PER SHARE</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following table shows the calculation of basic and diluted
earnings (loss) per share:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: left; width: 49%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; text-align: right; width: 18%">03/31/2025</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #021F59; font-weight: bold; font-family: Arial, sans-serif; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #021F59; font-family: Arial, sans-serif; text-align: right; width: 18%">03/31/2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Arial, sans-serif; text-align: left">Income attributable to shareholders</TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;88,648&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;26,925</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif">Income (loss) attributable to shareholders from discontinued operations</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;(744)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;35,693</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font: 3pt Arial, sans-serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: bold 3pt Arial, sans-serif; border-bottom: #0070C0 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif">Income (loss) attributable to shareholders from the Company</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">&nbsp;87,904&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;62,618</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Common shares</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;857,928,119&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;932,000,000</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">Weighted average number of outstanding shares (units)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; font-family: Arial, sans-serif; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; text-align: right">&nbsp;866,559,549&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; text-align: right">&nbsp;636,764,704</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif">Basic and diluted earnings (loss) (in R$)</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;0.1023&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;0.0423</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-family: Arial, sans-serif">Basic and diluted earnings (loss) (in R$) from discontinued operations</TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;(0.0009)</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;0.0561</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font: 3pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: bold 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font: 3pt Arial, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="3" STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt; font-style: normal; font-weight: 700">Earnings or losses attributable to shareholders from the Company</FONT><FONT STYLE="font-family: Arial, sans-serif; font-size: 11pt; font-style: normal; font-weight: 700"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;0.1014&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;0.0984</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">When there are no potential diluted common shares (such as
stock option), the number of shares considered in the calculation of basic and diluted earnings remains the same.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 32. <FONT STYLE="text-transform: none">FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; color: #1374FB">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.1. Overview</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In its activities, the Company is subject to market risks related
to exchange rate gains (losses), variable income, interest rate and commodities price fluctuations. In order to minimize these risks,
the Company has policies and procedures to minimize these exposures and may use hedging instruments, as long as previously approved by
the Board of Directors.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Among the Company&rsquo;s guidelines we highlight: monitoring levels
of exposure to each market risk; measuring these risks; setting limits for making decisions and using hedging mechanisms, always aiming
at minimizing the foreign exchange exposure of its debts, cash flows and interest rates.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company shall be represented exclusively by its Officers and
Attorney-in-Fact, observing the limitations provided in the Bylaws, and subject to approval of the Board of Directors for acts and transactions
in amounts exceeding such limit.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company only enters into transactions with derivatives or similar
instruments that offer a maximum protection against: foreign currencies, interest rates and commodity prices, and also adopts a conservative
policy of not entering into transactions that could affect its financial position. The Company does not enter into leveraged transactions
with derivatives or similar instruments.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company also has a sound financial policy, maintaining a high
level of cash balance, cash equivalents and short-term investments. At the same time, the maturity of the Company&rsquo;s long-term indebtedness
is distributed in such way that it is not concentrated in any single year.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Assets and liabilities presented in the balance sheet relating
to derivative transactions, which are intended for equity hedge, are shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="padding-left: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 61%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 9%">03/31/2025</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 9%">12/31/2024</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">03/31/2025</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left">Derivative financial instruments - receivable</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">19,677&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">8,641&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">666,561&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">336,551&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Derivative financial instruments - payable</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,035,709)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,243,238)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,303,808)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,866,472)</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; padding-left: 5.4pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">(1,016,032)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">(1,234,597)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(637,247)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(1,529,921)</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.2. Financial instruments by category</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s financial assets and liabilities are classified
as below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Financial assets</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">Fair value through</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; padding-bottom: 1.5pt; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">Amortized cost</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">profit or loss and OCI</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">03/31/2025</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">03/31/2025</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">263,664</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">732,320</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,158,454</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5,717,946</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,915,927</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">8,285,525</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">9,153,215</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </FONT><FONT STYLE="font-family: Arial, sans-serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">19,677</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">8,641</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes receivable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,079</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,084</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes receivable - related parties</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">3,368,827</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">3,539,815</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">13,077,549</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">19,144,380</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">1,935,604</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">8,641</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Financial liabilities</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">Fair value through</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">Amortized cost</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">profit or loss and OCI</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">03/31/2025</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">03/31/2025</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: rgb(0,112,192) 1.5pt solid; border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Trade accounts payable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">1,695,094</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">1,801,269</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans, financing and debentures</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">20,813,854</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">21,253,858</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Lease payable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">372,895</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">373,855</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </FONT><FONT STYLE="font-family: Arial, sans-serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,035,709</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,243,238</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable - related parties</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">21,732,699</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">24,546,618</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">44,614,542</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">47,975,600</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">1,035,709</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">1,243,238</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)&nbsp;</SUP>All derivatives
are classified at fair value through profit or loss. However, those designated as hedge accounting instruments also have their effects
on Other Comprehensive Income in Equity.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0 0 0 0in; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Financial assets</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">Fair value through</TD></TR>
  <TR>
    <TD STYLE="color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">Amortized cost</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">profit or loss and OCI</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 42%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 9%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">3,848,230</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">4,516,687</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">6,980</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2,348,814</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">17,452,129</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">14,064,092</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">874,510</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Restricted cash</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">326,973</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">336,815</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">7,690,635</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">8,932,224</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">253,265</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">266,210</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </FONT><FONT STYLE="font-family: Arial, sans-serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">666,561</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">336,551</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes receivable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">42,523</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">41,486</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes receivable - related parties</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">26,601</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">14,257,175</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">31,305,942</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">14,990,898</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">1,477,271</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: left">Financial liabilities</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; border-bottom: rgb(0,112,192) 1pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">Fair value through</TD></TR>
  <TR>
    <TD STYLE="color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">Amortized cost</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2">profit or loss and OCI</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Trade accounts payable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">20,903,987</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">20,273,612</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 11pt; font-style: normal; font-weight: 400">Loans, financing and debentures <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">51,548,733</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">54,788,795</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6,334,836</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6,334,836</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Lease payable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">5,691,286</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">4,896,200</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, sans-serif; font-size: 10pt; font-style: normal; font-weight: 400">Derivative financial instruments </FONT><FONT STYLE="font-family: Arial, sans-serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,303,808</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,866,472</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable - investments Brazil</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">255,885</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">257,262</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable - related parties&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">48,001</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">78,447,892</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">80,215,869</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">7,638,644</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">8,201,308</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0in 0.5in; text-align: justify; text-indent: -28.35pt; color: Red"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(a)</SUP>&nbsp;All derivatives are classified at fair value through
profit or loss. However, those designated as hedge accounting instruments also have their effects on Other Comprehensive Income in Equity
or in Inventories.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>(b)</SUP><FONT STYLE="font-size: 10pt">&nbsp;</FONT>The
portion of loans and financing that is object of fair value hedge is classified as Fair value through profit or loss. The remaining balance
of loans and financing is classified as Amortized cost, and those designated as cash flow or net investment hedging instruments also have
their effects on Equity.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Details of the accounting policies and methods used (including
criteria for recognition, measurement bases and criteria for recognition of gains and losses) for each class of financial instruments
and equity are presented in note 3.1 to the financial statements as of December 31, 2024.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.3. Fair value of financial instruments</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The method used by the Company to determine market value consists
in calculating the future value based on contracted conditions and determining the present value based on market curves obtained from
Bloomberg&rsquo;s database, except for futures market derivatives whose fair values are calculated based on the daily adjustments of variations
in market prices of commodities and futures acting as counterpart.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company classifies the measurement of fair value according
to hierarchical levels which reflect the importance of indices used in such measurement, as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 3pt 0 0; text-align: justify"><B>Level 1: </B>Prices quoted in (non-adjusted) active market
for identical assets and liabilities.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 3pt 0 0; text-align: justify"><B>Level 2</B>: Other available information, except those
of Level 1, where quoted prices relate to similar assets and liabilities, whether directly, by obtaining prices in active markets, or
indirectly, such as valuation techniques using active market data.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 3pt 0 0; text-align: justify"><B>Level 3: </B>Indices used for the calculation do not derive
from an active market. The Company does not have instruments at this measurement level.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Currently, the fair value of all the financial instruments of the
Marfrig Group is reliably measured and hence these are classified as level 1 and 2, as shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 11%">Level 1</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 11%">Level 2</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 11%">Level 1</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">Level 2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Current and non-current assets</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6,980&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1,350,981&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">564,946&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">7,669,819&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6,394,273&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">253,265&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Derivative financial instruments</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">19,677&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">666,561&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left">Current and non-current liabilities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans, financing and debentures</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(6,334,836)</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Derivative financial instruments</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(27)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,035,682)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(27)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(1,303,781)</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font: 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle">Total</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: right">1,350,954&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #0070C0 2.5pt double; text-align: right">(451,059)</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2.5pt double; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">7,676,772&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2.5pt double; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2">(324,518)</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Management understands that the results obtained with derivative
transactions are in line with the risk management strategy adopted by the Company.</P>

<P STYLE="font: 10pt Arial Black,sans-serif; margin: 0; text-align: justify; color: #1374FB"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.4. Credit risk management</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company is subject to credit risk. Credit risk deals with group&rsquo;s
financial losses if a customer or counterpart in a financial instrument fails to comply with contractual obligations, which arise from
most receivables.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company limits its exposure by analyzing credit and managing
customer&rsquo;s portfolio, seeking to minimize the economic exposure to a certain customer and/or market that may represent significant
losses.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Global Credit Risk Policy determines the guideline for financial
credit risk management based on the following:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt; text-align: justify; text-indent: 0pt">a) Limit of counterparty&rsquo;s credit
risk concentration to 15% of total current assets;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt; text-align: justify; text-indent: 0pt">b) Investments in solid and prime financial
institutions, based on their financial rating; and</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt; text-align: justify; text-indent: 0pt">c) Balance between assets and liabilities.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Conducted evaluations are based on information flows and follow-up
of the volume of purchases in the market. The internal controls cover the assignment of credit limits.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The maximum exposure to credit risk for the Company is the trade
accounts receivable shown in Note 6, where the value of the effective risk of possible losses is presented as provision for credit risk.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Values subject to credit risk:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">03/31/2025</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">03/31/2025</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">263,664</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">732,320</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">3,855,210</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">4,516,687</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Financial investments and marketable securities</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">3,074,381</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5,717,946</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">16,412,906</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">18,326,639</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">8,285,525</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">9,153,215</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">7,943,900</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">9,198,434</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other receivables</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">81,281</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">98,866</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">829,900</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">836,065</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">11,704,851</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right">15,702,347</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">29,041,916</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">32,877,825</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.5. Liquidity risk management</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Liquidity risk arises from the Company&rsquo;s working capital
management and the amortization of the principal and finance charges of debt instruments. This is the risk that the Company will face
difficulties to settle its falling due payables.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company manages its capital based on parameters to optimize
the capital structure focused on liquidity and leverage metrics that enable a return to shareholders over the medium term, consistent
with the risks assumed in the transaction.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main indicator for monitoring is the modified immediate liquidity
ratio, which is the ratio between the available funds (cash, cash equivalents, financial investments and marketable securities) and current
indebtedness (short term). The indices presented below refer to continuing operation:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">03/31/2025</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 5.4pt; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Available funds</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">3,338,045</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">6,450,266</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">19,976,742</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">22,519,515</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Short-term loans and financing</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">2,989,160</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">4,479,301</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">6,621,740</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">8,352,851</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Modified liquidity ratio</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1.12</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">1.44</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3.02</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2.70</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.6. Market risk management</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company is exposed to market risks arising from commodity prices,
interest rates, variable income (shares) and exchange rates. For each risk, the Company conducts continuous management and sensitivity
studies presented in this note.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.7. Interest rate risk</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Interest rate risk refers to the Company&rsquo;s risk of incurring
economic losses due to negative changes in interest rates. This exposure basically refers to changes in market interest rates which affect
the Company&rsquo;s assets and liabilities indexed to the TJLP (Long-Term Interest Rate) or CDI (Interbank Deposit Rate).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In order to reduce debt service costs, the Company continually
monitors market interest rates to assess the need to enter into new derivative contracts to hedge its operations against the risk of fluctuations
of these rates.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The interest rate exposure risk of the Company is as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right">Parent</TD>
    <TD STYLE="border-top: rgb(0,112,192) 1.5pt solid; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; border-top: rgb(0,112,192) 1.5pt solid; color: #00A000; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #70AD47; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; width: 11%">12/31/2024</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">03/31/2025</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: #002060; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 11%">12/31/2024</TD></TR>
  <TR>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left">Exposure to CDI rate:</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NCE/Working capital</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,129,085</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">1,113,402</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CPR/CCB</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">2,801,550</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">4,599,447</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2,801,550</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">4,599,447</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">CRA</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">10,537,853</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">10,420,713</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">11,554,582</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">11,396,448</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Debentures</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">5,507,109</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">5,337,210</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">(-) CDB-DI (R$)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(564,946)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">(1,570,296)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(6,394,273)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">(5,287,255)</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle">Subtotal</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">12,774,457</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">13,449,864</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">14,598,053</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;17,159,252</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; color: gray; font-family: Arial, sans-serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left">Exposure to SOFR rate:</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Prepayment/NCE/ACC (US$)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5,214,488</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">5,005,723</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">5,214,488</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,005,723</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Revolving credit facility (US$)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">3,714,215</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,057,761</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-family: Arial, sans-serif; vertical-align: middle; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Bank loan (US$)</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">2,701,758</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,435,723</TD></TR>
  <TR STYLE="font-size: 3pt">
    <TD STYLE="font: 3pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Arial, sans-serif; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Arial, sans-serif; padding-right: 5.4pt; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: middle">Subtotal</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">5,214,488</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">5,005,723</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">11,630,461</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;11,499,207</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, sans-serif; padding-right: 5.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 11pt Calibri, sans-serif">Total</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">17,988,945</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">18,455,587</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">26,228,514</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-family: Arial, sans-serif; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;&nbsp;&nbsp;28,658,459</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Derivative financial instruments to hedge against interest rate
exposures are presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(0,111,192) 1.5pt solid; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(0,111,192) 1.5pt solid; width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Fair
    value&nbsp;hedge - Derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 3pt; color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hedged
    item</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 3pt; color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 3pt; color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Liabilities</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; font-style: italic; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Notional</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; color: rgb(0,31,96); font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MtM
    R$</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 1<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>st</SUP> issue - 3<SUP>rd</SUP> series - IPCA + 5.50%
    p.a.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 5.50% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI
    + 0.57% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,511</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 1<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>st</SUP> issue - 3<SUP>rd</SUP> series - IPCA + 5.50%
    p.a.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 5.50% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;100%
    of CDI&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">200,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,965</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 2<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>nd</SUP> issue - 1<SUP>st</SUP> series - IPCA + 5.30%
    p.a.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 5.30% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI
    + 2.20% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">79,650</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 2<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>nd</SUP> issue - 2<SUP>nd</SUP> series - IPCA + 5.60%
    p.a.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 5.60% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI
    + 2.29% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">595,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">85,746</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 3<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>rd</SUP> issue - single series - IPCA + 4.78% p.a.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 4.78% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI
    + 0.12% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,000,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">92,810</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 1<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>st</SUP> issue - 1<SUP>st</SUP> series - IPCA + 6.83%
    p.a.</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 6.83% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;109.32%
    of CDI&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">990,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">83,298</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 5<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>th</SUP> issue - IPCA + 7.23%</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA
    + 7.23% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI
    + 0.98% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,595,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(106,235)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest
    swap</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Debenture
    - 5<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"><SUP>th</SUP> issue - Fixed + 12.92%</FONT></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;PRE
    + 12.92% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI
    + 0.89% p.a.&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">925,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(103,822)</FONT></TD></TR>
  <TR STYLE="font: 3pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font: bold 3pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,905,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">187,923</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>Cash flow hedge</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company designates as cash flow hedge derivative financial
instruments for protection of cash flow (swap), exchanging cash flows based on a notional amount, a term and other pre-established conditions
and criteria.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company has swap contracts designated as cash flow hedge accounting,
as shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Cash
    flow hedge&nbsp;-&nbsp;Derivative <BR>
instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Hedged
    item</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Liabilities</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Notional</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,31,96)">MtM
    R$</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Interest
    rate swap</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CRA</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IPCA&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;CDI&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;BRL&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,159,781</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;(1,019,365)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,159,781</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">(1,019,365)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.8. Commodity price risk</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>Cattle commodities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In its activities, the Company purchases cattle commodity, which
is the largest individual component of the beef segment production cost and is subject to certain variables. The price of cattle acquired
from third parties is directly related to market conditions, and is influenced by domestic availability and foreign market demand. To
reduce the impact of risks on cattle commodity prices, the Company holds cattle in feedlots and trades derivative financial instruments
in the futures market, as well as other operations.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"></P>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The derivative financial instruments used to hedge against
cattle commodity price risk, which are not designated for hedge accounting, are shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 16%">Instrument</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 16%">Hedged item</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 16%">Register</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Notional US$</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Notional R$</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2; width: 12%">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-bottom: 1pt; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center">MtM R$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Futures</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Fed cattle</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;B3&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">            (26,040)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">           (149,529)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">          (27)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">Futures</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">Fed cattle</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">&nbsp;CME&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">              1,165&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">              6,689&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">        16,515&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: middle">
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">            (24,875)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">           (142,840)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">        16,488&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Corn and soybean meal, grain and oil commodities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The prices of corn and soybean meal, grain and oil are exposed
to price risks arising from future purchases. This risk is managed through physical inventories, order balances at a fixed price and through
derivative financial instruments.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Limits are established to protect the purchase flow of corn and
soybean meal, grain and oil, aimed to reduce the impact of an increase in the price of these raw materials, and include the possible use
of derivative instruments or management of inventories.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF purchases commodities at prices to be fixed in the
futures and spot markets and, to protect such exposure, contracts derivative instruments in an active position (purchase) to fix such
prices in advance.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Derivative financial instruments designated as cash flow hedge
accounting to protect against exposure to the price risk of corn and soybean meal, grain and oil commodities to be fixed are shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="font-style: normal; border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,160,0); font-weight: normal; text-align: right; background-color: #F2F2F2"><B>Consolidated</B></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Cash flow hedge - Derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 23%">Hedged item</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">Index</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Maturity</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 8%">Quantity</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Price rate <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2; width: 9%">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center; background-color: #F2F2F2">MtM R$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Purchases of soybean meal - price to be fixed</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Soybean meal - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">2nd quarter 2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      24,989</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     341.41</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">          (663)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Purchases of soybean meal - price to be fixed</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Soybean meal - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">3rd quarter 2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      38,989</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     347.84</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">        (1,824)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Purchases of soybean meal - price to be fixed</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Soybean meal - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">4rd quarter 2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      14,000</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     357.70</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">          (920)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Purchases of corn - price to be fixed</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Corn - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">2nd quarter 2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      95,997</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     177.93</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">          401&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Purchases of corn - price to be fixed</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Corn - B3&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">2nd quarter 2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     140,589</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   1,270.26</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         2,262&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar - purchase</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Purchases of corn - price to be fixed</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Corn - B3&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">3rd quarter 2025</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">     166,941</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">   1,256.54</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">        (1,124)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">     481,505</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">        (1,868)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt; text-align: justify">Base price for each commodity in USD/ton, except for Corn
&ndash; B3, denominated in R$/ton.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In certain situations, subsidiary BRF makes future purchases of
commodities at fixed prices and, to protect such exposure, contracts derivative instruments in a passive position (sale) to maintain the
prices of such purchases at market.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Derivative financial instruments designated as fair value hedge
accounting to protect against exposure to the risk of fixed commodity prices are shown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Fair value hedge - Derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 23%">Hedged item</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">Index</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Maturity</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 8%">Quantity</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Price rate <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 9%">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center; background-color: #F2F2F2">MtM R$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Purchases of soybean grain - fixed price</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Soybean grain - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">1st quarter 2025</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">       2,000</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">     375.36</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">           (50)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Purchases of corn - fixed price</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left">Corn - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">3rd quarter 2025</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right">      76,216</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">     173.46</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">          992&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Purchases of corn - fixed price</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left">Corn - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center">1st quarter 2025</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right">      19,899</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right">     188.25</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">         1,006&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Non-deliverable forward - sale</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Purchases of corn - fixed price</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left">Corn - CBOT&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">2nd quarter 2025</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">       1,651</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">     187.43</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2">           33&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Corn futures - sale</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Purchases of corn - fixed price</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Corn - B3&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">3rd quarter 2025</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">     222,102</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">   1,129.29</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2">          (333)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Corn futures - sale</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Purchases of corn - fixed price</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">Corn - B3&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt">1st quarter 2026</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">       6,480</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;ton&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">   1,297.88</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2">           20&nbsp;</TD></TR>
  <TR STYLE="font-size: 2pt; vertical-align: middle">
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">     328,348</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">         1,668&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Base price for each commodity in USD/ton, except for Corn
&ndash; B3, denominated in R$/ton.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.9. Exchange rate risk</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Balance sheet exposure</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Exchange rate risk consists of the risk of foreign exchange fluctuations
leading the Company to incur losses and causing a reduction in the amounts of assets or an increase in the amounts of liabilities.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company also has a sound financial policy, maintaining a high
level of cash balance and short-term investments with solid financial institutions.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Assets and liabilities in foreign currency are presented as follows:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">Parent</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 54%">Description</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 13%">03/31/2025</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 13%">12/31/2024</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 17%">Effects on result<BR>
 Translation gains<BR>
 (losses) 2025</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Operating</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    8,130,554&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    8,927,853&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">          (62,314)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Imports payable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       4,566&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       (5,837)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">           1,515&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Dividends receivable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">          -&nbsp; </TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">          -&nbsp; </TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">           (1,244)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Subtotal</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    8,135,120&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    8,922,016&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">          (62,043)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-bottom: #E7E6E6 1pt solid; text-align: left">Financial</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans and financing</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    (7,316,073)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">    (6,080,636)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right">          52,207&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable and receivable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      72,141&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       (4,028)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">           (3,245)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Balance of banks and financial investments</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.3pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      31,043&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">      714,063&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">         (138,966)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Subtotal</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    (7,212,889)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    (5,370,601)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">          (90,004)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif">Total</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">      922,231&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">    3,551,415&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">         (152,047)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Translation gains</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">         996,754&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Translation losses</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">       (1,148,801)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Translation gains (losses), net</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right">         (152,047)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Refers only to banks and financial investments balances that
generated translation gains (losses).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 54%">Description</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 13%">03/31/2025</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 13%">12/31/2024</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2; width: 17%">Effects on result<BR>
 Translation gains<BR>
 (losses) 2025</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Operating</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Trade accounts receivable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    3,972,501&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    4,145,785&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         (388,876)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Imports payable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    (2,991,292)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    (2,896,965)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">           9,219&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Dividends</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         316&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         339&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">          (1,245)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Other</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (310,530)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (447,701)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         (360,926)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Subtotal</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">      670,995&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">      801,458&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">         (741,828)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; color: gray; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; border-bottom: #E7E6E6 1pt solid; text-align: left">Financial</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Loans and financing</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   (35,890,854)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   (37,734,251)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">         837,547&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Notes payable and receivable</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (263,647)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (357,102)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         158,436&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Balance of banks and financial investments</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.3pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    6,427,190&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    6,839,357&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">         (394,735)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Derivative financial instruments</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      364,817&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (304,579)</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">          51,693&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Subtotal</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">   (29,362,494)</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">   (31,556,575)</TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">         652,941&nbsp;</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: bold 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif">Total</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">   (28,691,499)</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">   (30,755,117)</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">          (88,887)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: bottom">
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Translation gains</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">        2,630,121&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Translation losses</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       (2,719,008)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Translation gains (losses), net</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">          (88,887)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Refers only to banks and financial investments balances that
generated translation gains (losses).</TD>
</TR></TABLE>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Since it has more financial liabilities in foreign currency than
assets, the Company contracted Non-Deliverable Forward (NDF) contracts, all of them non-speculative in nature, to minimize the effects
of the foreign exchange variation on its exports, as per the breakdown below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Cash flow hedge - Derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left">Hedged item</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left">Register</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left">Assets</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left">Liabilities</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Notional</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: left">MtM R$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Operations not designated for hedge accounting</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2; width: 8%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  10,000&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      3,359&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;GBP&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  (44,004)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (2,262)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;EUR&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   (5,445)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (1,068)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;AUD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   (1,204)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       169&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;CLP&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   (6,280)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       614&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: left">NDF</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;EUR&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;EUR&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  (60,000)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      3,440&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">NDF</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;CLP&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;CLP&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">  25,000&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      2,818&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">FX</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;OTC&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;EUR&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;EUR&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"> (175,000)</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      (654)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"> (256,933)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">      6,416&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>Operating income exposure</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The objective of managing operating income exposure is to protect
revenues and costs indexed to foreign currencies. Subsidiary BRF has internal models for the measurement and monitoring of these risks
and contracts hedging instruments, designating the relationships as cash flow hedge accounting.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF has more revenues denominated in foreign currency
than expenses and, therefore, contracts derivative financial instruments to reduce such exposure. Derivative financial instruments designated
as cash flow and fair value hedge accounting to protect the exchange rate exposure of operating income.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The cash flow hedge amounts (derivative instruments) are shown
below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 23%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 14%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 6%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 14%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 9%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 10%">Consolidated</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Cash flow hedge - Derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Hedged item</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Assets</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Liabilities</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Maturity</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Exercise rate</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Notional</FONT></TD>
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: center; background-color: #F2F2F2">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center">MtM R$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">NDF</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Exports in USD</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">2nd quarter 2025&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">5.9430</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">   180,000</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">     30,393</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">3rd quarter 2025&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.1740</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   126,000</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     32,797</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">4th quarter 2025&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.4642</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   127,000</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     49,693</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">1st quarter 2026&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.3553</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    18,000</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      3,425</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">2nd quarter 2025&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.0426</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">   274,000</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     35,163</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">3rd quarter 2025&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.2579</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    80,000</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     12,183</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">4th quarter 2025&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.5806</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    20,000</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">      4,555</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-style: italic; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Exports in USD</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #E7E6E6 1pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">1st quarter 2026&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">6.4619</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">    24,000</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">       908</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">   849,000</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">    169,117</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company concluded that part of its cost related to future physical
purchases of commodities in dollars also generates exchange rate exposure, contracting the following derivatives and designating them
as fair value hedge.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 23%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 14%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 6%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 14%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 7%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 9%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 10%">Consolidated</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Fair value hedge - Derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Hedged item</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Assets</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Liabilities</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Maturity</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Exercise rate</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Notional</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center">MtM R$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">NDF</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">Costs in USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">3rd quarter 2025&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">6.0634</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">   9,426</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2">      1,957</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">NDF</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">Costs in USD</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">&nbsp;BRL&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">1st quarter 2026&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">6.2860</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;USD&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">   4,497</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">       417</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">  13,923</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">      2,374</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Investment exposure</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Subsidiary BRF has both investments (net assets) and loans (financial
liabilities) denominated in foreign currency. To balance the accounting effects, certain non-derivative financial liabilities are designated
as instruments to hedge the exchange rate exposure generated by such investments.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Non-derivative financial instruments designated as hedge accounting
for net investment are presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 21%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 25%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: center; width: 12%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 7%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 6%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 8%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 9%">Consolidated</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Fair value hedge - Non-derivative instruments</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Hedged item (investment)</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Liabilities</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Maturity</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">Exercise rate</TD>
    <TD ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">Notional</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; border-top: #0070C0 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2">03/31/2025</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #F2F2F2">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700; color: #002060">MtM R$ <SUP>(a)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left">Federal Foods LLC</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">USD&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">3rd quarter 2050&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">3.7649</TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">USD <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">     44,158</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2">     (122,191)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">BRF Kuwait Food Management Company WLL</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">3rd quarter 2050&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">3.7649</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">USD <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     88,552</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (175,975)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt">Al Khan Foodstuff LLC</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">USD&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">3rd quarter 2050&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">3.7649</TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">USD <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     53,446</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2">     (118,335)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Bond - BRF SA BRFSBZ 4.35</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">Al-Wafi Al-Takamol International for Foods Products</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">USD&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">3rd quarter 2050&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">5.1629</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">USD <SUP>(c)</SUP></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">     23,426</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2">      (12,465)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; white-space: nowrap; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">    209,582</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">     (428,966)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Corresponds to the effective portion of hedge results accumulated
in line item Other comprehensive income.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Designated on August 1, 2019.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">Designated on November 9, 2022.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On February 1, 2025, the subsidiary BRF Foods GmbH was merged into
the subsidiary BRF GmbH, and the hedge relationship was discontinued.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 32.10. Sensitivity analysis</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The financial instruments, including derivatives, may undergo changes
in fair value as a result of the fluctuation of exchange rates, interest rates, price indexes and other variables.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The analyses of the sensitivity of derivative and non-derivative
financial instruments to these variables are presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Selection of risks</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The main risks that may affect the value of the Company's financial
instruments are:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">Exchange rate US$/R$, US$/CLP, US$/GBP, US$/EUR and US$/AUD;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">Exchange rate R$/TRY, R$/WON, R$/PYG, R$/AOA, R$/SAR and R$/AED;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">Floating interest rate SOFR;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">Inflation rate IPCA; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Interest rate CDI and SELIC.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">For purposes of the analysis of sensitivity to risks, the Company
presents the exposures to currencies as if they were independent, that is, they do not reflect in the exposure to exchange rate the risks
of changes in other exchange rates that could be indirectly influenced by it.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Selection of scenarios</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The probable scenario of the Dollar-real exchange rate, the SELIC/CDI
interest rate and the IPCA projection for a one-year horizon is based on the FOCUS report disclosed by the Central Bank of Brazil (BACEN).
The one-year projection for the dollar is R$ 5.96 and was obtained interpolating the quotations of the current and subsequent years. The
Selic rate is expected to close the period at 15% p.a. and the IPCA at 5.65%. The Selic rate is used as a reference for the CDI sensitivity
analyses. The probable scenario for the other currencies is calculated based on the parity with the US Dollar.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">For SOFR interest rates, Management used the one-year projection
of 3.96%, consistent with the market curves.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In the sensitivity analysis, variations of 15% and 30% were estimated
for each variable for possible and remote scenarios, respectively.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The sensitivity values below are for changes in financial instruments
under each scenario:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 36%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 15%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 15%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 15%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 15%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">Exchange rate - US dollar x real</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: rgb(0,111,192) 1.5pt solid; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Gains and (losses)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left">Instrument</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Scenario&nbsp;-&nbsp;Exposed<BR>
 amounts</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Probable scenario</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Possible&nbsp;scenario<BR>
 15%</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Remote&nbsp;scenario<BR>
 30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Time deposit</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">        5,946,791&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">         225,560&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">        1,151,413&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">        2,077,265&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">ADRs securities</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          14,356&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">            545&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           2,780&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           5,015&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Prepayment/NCE/ACC (US$)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (6,856,516)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (260,066)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (1,327,553)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (2,395,040)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Bonds (US$)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">      (18,782,029)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (712,397)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (3,636,561)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (6,560,725)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Bank loan (US$)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (4,789,319)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (181,657)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (927,304)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (1,672,950)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Revolving Credit Facility</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (3,714,215)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (140,879)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (719,143)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (1,297,407)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Agribusiness Receivables Certificates (CRA)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (525,579)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (19,935)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (101,762)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (183,589)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Foreign credit note</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         258,354&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           9,799&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          50,022&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          90,245&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Working capital</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (1,223,196)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (46,395)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (236,834)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (427,273)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">SWAP USD x CDI</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (2,565,127)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          93,739&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         416,094&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         664,059&nbsp;</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font-size: 6pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; color: gray; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">Exchange rate - other currencies</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Gains and (losses)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left">Instrument</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">Scenario&nbsp;-&nbsp;Exposed<BR>
 amounts</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Probable scenario</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">Possible&nbsp;scenario<BR>
 15%</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,111,192) 1pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Remote&nbsp;scenario<BR>
 30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Time deposit - Turkish Lira</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         830,673&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          31,507&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         160,834&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         290,161&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Time deposit - South Korean Won</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             82&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">              3&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             16&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             29&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Time deposit - Paraguayan Guarani</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           7,200&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">            273&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           1,394&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           2,515&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Time deposit - Saudi Riyal</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         254,426&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           9,650&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          49,262&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          88,873&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Time Deposit - Angolan Kwanza</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          53,125&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           2,015&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          10,286&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          18,557&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Time Deposit - Arab Dirham</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         104,818&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           3,976&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          20,295&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          36,614&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">NDF CLP X USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (36,061)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (1,368)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (6,982)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (12,596)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">NDF EUR X USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (31,267)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (1,186)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (6,054)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (10,922)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">NDF GBP X USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (252,682)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (9,584)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (48,924)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (88,264)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">NDF AUD X USD</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (6,912)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">            (262)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (1,338)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (2,415)</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">SOFR rate</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Gains and (losses)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: left">Instrument</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">Scenario&nbsp;-&nbsp;Exposed<BR>
 amounts</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">Probable scenario</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">Possible&nbsp;scenario<BR>
 15%</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">Remote&nbsp;scenario<BR>
 30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Prepayment/NCE/ACC (US$) - SOFR</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (4,873,678)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           7,488&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (23,070)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (53,628)</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">Interest rate - CDI</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #1374FB; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Gains and (losses)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: left">Instrument</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">Scenario&nbsp;-&nbsp;Exposed<BR>
 amounts</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">Probable scenario</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">Possible&nbsp;scenario<BR>
 15%</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2">Remote&nbsp;scenario<BR>
 30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: left">Bank Deposit Certificates - CDB</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">        6,394,273&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">          47,957&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">         190,869&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #E7E6E6 0.5pt solid; border-bottom: #E7E6E6 0.5pt solid; text-align: right; background-color: #F2F2F2">         333,781&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Repurchase and reverse repurchase agreements</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">        1,501,420&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          11,261&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          44,817&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          78,374&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Brazilian prize-draw investment bonds</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           1,786&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             13&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             53&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             93&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">FIDC</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          45,566&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">            342&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           1,360&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           2,379&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">B3 securities</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">             20&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">              0&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">              1&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">              1&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">LTF - Financial Treasury Bill</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          84,257&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">            632&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           2,528&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">           4,423&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">NCE/Working Capital</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (1,287,463)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (9,656)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (38,431)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (67,206)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">CPR/CCB</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (2,801,550)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (21,012)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (83,626)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         (146,241)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">Agribusiness Receivables Certificates (CRA)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">       (1,496,526)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (11,224)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (44,671)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          (78,119)</TD></TR>
  <TR STYLE="font-size: 6pt; vertical-align: bottom">
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left">Interest rate - IPCA</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: #1374FB; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Gains and (losses)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: left">Instrument</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Scenario&nbsp;-&nbsp;Exposed<BR>
 amounts</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Probable scenario</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Possible&nbsp;scenario<BR>
 15%</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: left; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; text-align: right; background-color: #F2F2F2">Remote&nbsp;scenario<BR>
 30%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt">Agribusiness Receivables Certificates (CRA)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">       (8,860,027)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">          (15,062)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">          (90,151)</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #E7E6E6 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2">         (165,240)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: left; border-top-color: #E7E6E6; border-top-width: 0.5pt">SWAP IPCA x CDI</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">        6,534,341&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          11,108&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">          66,487&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #0070C0 2pt double; text-align: right; border-top-color: #E7E6E6; border-top-width: 0.5pt; background-color: #F2F2F2">         121,865&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The interest rate fluctuations do not significantly affect the
results of subsidiary BRF. Therefore, the financial instruments pegged to the fixed rate of subsidiary BRF are not being presented in
the sensitivity analysis above.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Cattle commodities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The table below shows the sensitivity analysis for the price of
cattle commodities. The Company considered scenario I as appreciation of 10% and scenarios II and III as deterioration of 25% and 50%
for cattle commodity price volatility, using as reference the closing price in the period ended at March 2025.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #70AD47; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: #00A000; font-weight: bold; text-align: right; background-color: #F2F2F2">Consolidated</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left">Parity - USDA Price - Cattle - R$/US$</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2">Current scenario</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Scenario I</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Scenario II</TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">Scenario III</TD></TR>
  <TR>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: left">Instrument</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: left">Risk</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; vertical-align: bottom; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="color: #002060; font-weight: bold; font-style: italic; vertical-align: middle; text-align: center; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: left; width: 19%">Futures</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: left; width: 28%">Increase in fed cattle price</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">       (27)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">        (3)</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">         7&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2; width: 12%">         1&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: left">Futures</TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: left">Increase in fed cattle price</TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">     16,515&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: center; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">      1,652&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">     (4,129)</TD>
    <TD STYLE="font-weight: bold; border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #BFBFBF 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2">      (826)</TD></TR>
  <TR STYLE="font-size: 3pt; vertical-align: middle">
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 3pt; font-weight: bold; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">     16,488&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">      1,649&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">     (4,122)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2">      (825)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0"></P>

<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Corn and soybean meal, grain and oil commodities</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">For the probable scenario of commodities, the Company uses as a
reference the future value of assets in the period ended March 2025, and therefore understands that there will be no changes in the results
of transactions. For the exchange rate, the probable scenario is referenced by external sources, such as the Focus report, interpolating
the quotations of the current and subsequent years. The probable scenario for the other currencies is calculated based on the parity with
the US Dollar.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">For the possible and remote scenarios, in both cases positive and
negative variations of 15% and 30% respectively were considered from the probable scenario. Such sensitivity scenarios are derived from
information and assumptions used by Management in monitoring the previously mentioned risks.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The information used in preparing these analyses is based on the
position in the period ended March 2025. The estimated amounts may differ significantly in relation to the numbers and results to be recorded
by the Company. Positive values indicate gains and negative values indicate losses.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
    result - commodities</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="7" STYLE="border-top: rgb(0,112,192) 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scenario</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Remote&nbsp;-30%</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Possible&nbsp;-15%</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Probable</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Possible
    15%</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Remote
    30%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,31,96)">Soybean
    grain - CBOT</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">266</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">323</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">380</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">437</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">494</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost
    of products and goods sold</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(228)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(114)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">114</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">228</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NDF</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">228</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">114</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(114)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(228)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #0070C0 2pt double; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net effect</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; border-bottom-color: #0070C0; border-bottom-style: double; border-bottom-width: 2pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; border-bottom-color: #0070C0; border-bottom-style: double; border-bottom-width: 2pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 2pt double;  background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; border-bottom-color: #0070C0; border-bottom-style: double; border-bottom-width: 2pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,31,96)">Soybean
    meal - CBOT</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">233</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">283</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">333</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">383</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">433</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost
    of products and goods sold</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,790</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,895</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3,895)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7,790)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7,790)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3,895)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,895</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,790</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net effect</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="font-size: 6pt">
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; padding-right: 5pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; padding-right: 5pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; padding-right: 5pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; padding-right: 5pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,31,96)">Corn
    - CBOT</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">124</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">150</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">176</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">203</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">229</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost
    of products and goods sold</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(94)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(47)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">94</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="font-style: italic; border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3,769)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,176)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,576</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,168</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NDF</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,074</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,537</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,537)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5,074)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net effect</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,211</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,314</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 2pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(914)</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 2pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(812)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,31,96)">Corn
    - B3</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">856</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,040</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,223</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,407</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,590</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost
    of products and goods sold</FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">28,969</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,485</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(14,485)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(28,969)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Collar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(72,395)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(15,197)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,064</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">59,974</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: left; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Futures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">81,933</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40,966</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(40,966)</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; padding-right: 2pt; font-weight: bold; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(81,933)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net effect</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">38,507</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 5pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40,254</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 2pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(43,387)</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2pt double; border-top: rgb(0,112,192) 0.5pt solid; padding-right: 2pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(50,928)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 33. <FONT STYLE="text-transform: none">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Income and social contribution taxes were calculated according
to prevailing legislation and Federal Law 12,973/14.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Income and social contribution tax calculations and returns, when
required, are open to review by tax authorities for varying statutory years in relation to the payment or filing date.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Below are the calculation and reconciliation of taxes in the statement
of income for the periods ended March 2025 and 2024:<B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 56%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-left: 0pt; padding-right: 7pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: rgb(0,111,192) 1.5pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: rgb(0,111,192) 1.5pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: rgb(0,111,192) 1.5pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Parent</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-left: 0pt; padding-right: 7pt; font-size: 1pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 7pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Profit
    (loss) before taxes</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 4pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(352,699)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 4pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(41,988)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(66,437)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(95,834)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
    and social contribution taxes - Nominal rate (34%)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">119,918</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,275</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,589</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,583</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjustments
    to determine the effective tax rate:</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Taxation
    on profit of companies abroad</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,909</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(19,249)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,590</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Credit
    of tax paid abroad</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27,016</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">45,376</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27,016</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Effect
    from differences in tax rate of companies abroad</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(161,363)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">206,800</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax
    losses and social contribution carryforwards from prior years</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(16,347)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">216</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax
    incentive</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,827</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,744</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50,417</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,257</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equity
    in earnings (losses) of subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">64,819</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(52,395)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">653</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4,898)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Translation
    gains (losses)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">245,261</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">108,529</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expected
    adjustment of the rate in the year</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">352,851</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    additions / exclusions</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 4pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7,478)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">59,364</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">108,345</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-right: 4pt; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(60,396)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">441,347</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">68,913</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">491,801</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">228,168</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
    current taxes</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27,016</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 4pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(85,105)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; padding-right: 4pt; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(93,563)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
    deferred taxes</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">441,347</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41,897</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">576,906</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">321,731</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 7pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-left: 0pt; padding-right: 7pt; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">441,347</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">68,913</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">491,801</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">228,168</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 0pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 7pt; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Effective tax
    rate<SUP>(a)</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; padding-left: 0pt; padding-right: 0pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">125%</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 0pt; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">164%</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 0pt; font-weight: bold; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">740%</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; padding-right: 0pt; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">238%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP>&nbsp;The difference
between nominal and effective rate is significantly affected by equity in earnings (losses) of subsidiaries, taxes on profits abroad
and foreign exchange variations arising from monetary items that are part of the net investments in foreign entities.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 34. <FONT STYLE="text-transform: none">SEGMENT REPORTING</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company defined its segments according to the business activities
from which it can earn revenues and incur expenses, whose operating results are regularly reviewed by the entity&rsquo;s chief operating
decision-maker, responsible for allocating resources and assessing performance of the operating segments, and for which there is individual
financial information available. Therefore, the segments managed by the Company are: &ldquo;Beef - North America&rdquo;, &ldquo;Beef -
South America&rdquo;, &ldquo;Poultry, Pork and Processed&nbsp;Products &ndash; BRF&rdquo; and &ldquo;Corporate&rdquo;, as presented below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="color: rgb(0,31,96); vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Beef
    - North America</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Beef
    - South America<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Poultry,
    pork and processed &nbsp;products-BRF</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; font-style: italic; border-bottom: #0070C0 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Corporate</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; width: 19%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: center; border-top-color: #0070C0; border-top-width: 1pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: center; border-top-color: #0070C0; border-top-width: 1pt; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: #0070C0 1pt solid; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: #0070C0 1pt solid; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: center; border-top-color: #0070C0; border-top-width: 1pt; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: center; border-top-color: #0070C0; border-top-width: 1pt; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; color: rgb(18,116,251); font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(18,116,251)">Balance
    sheet</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; color: rgb(0,31,96); vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Noncurrent
    assets</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,643,057</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,435,549</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,084,758</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,177,888</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,438,209</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,844,590</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,537,659</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30,117,446</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">85,703,683</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">82,575,473</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(18,116,251)">Profit
    or Loss</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; color: rgb(0,31,96); vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-bottom: #1374FB 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD
    2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
    revenue</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,054,680</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,024,127</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,925,091</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,238,513</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,425,239</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,328,276</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39,405,010</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,590,916</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #D9D9D9 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Domestic
    market</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,311,507</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,552,234</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,210,790</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,694,585</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,005,552</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,722,102</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27,527,849</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,968,921</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 0.125in; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Foreign
    market</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,743,173</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,471,893</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,714,301</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,543,928</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,419,687</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,606,174</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,877,161</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,621,995</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
    income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; padding-right: 3pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(319,118)</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30,056</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">349,200</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">256,494</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,884,032</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,676</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(640,471)</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; padding-right: 0pt; border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(660,556)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,273,643</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">876,670</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(a)&nbsp;</SUP>Details of net
revenue / operating profit from discontinued operation of the Beef South America segment are presented in note 12 - Assets and liabilities
held for sale and discontinued operations.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 35. <FONT STYLE="text-transform: none">INSURANCE COVERAGE</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s policy is to insure its property, plant and
equipment and inventories subject to risk, at amounts deemed sufficient to cover possible losses, taking into consideration the nature
of its activities and the insurance advisors&rsquo; opinion.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Based on the maximum risk weighting, the Company does not have
a policy of maintaining insurance policies to protect against lost profits, given the broad geographic distribution of its plants and
the fact that its operations can be reorganized in the event that any need arises.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Below is a summary of the amounts insured by the Company for continuing
operations:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 52%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Parent</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Buildings
    and meatpacking facilities</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,013,640</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,013,640</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,467,553</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,198,031</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">267,120</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">267,120</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,277,742</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,622,070</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Third-party
    warehouse</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">172,451</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">156,513</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vehicles</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,381</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25,343</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,008</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41,160</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transportation
    of goods</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,564,573</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,562,375</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,548,862</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,509,608</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Directors&rsquo;
    guarantees</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">287,110</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">309,615</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">517,161</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">554,467</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Civil
    liability</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,721</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,721</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">844,780</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">900,045</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aircraft</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,645,069</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,466,807</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,219,289</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,086,037</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,026,978</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">885,081</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,078,457</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">937,487</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,838,592</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,561,702</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,143,303</FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,112,192) 0.5pt solid; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,005,418</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The assets held for sale have coverage in the amount of R$ 1,071,389.
This amount is sufficient to cover any losses according to Management&rsquo;s judgment.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B></B></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 36. <FONT STYLE="text-transform: none">RELATED-PARTY TRANSACTIONS</FONT></P>



<P STYLE="font: 8pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 36.1. Related parties to the parent company</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Transactions between the Parent and its related parties are shown
below:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Parent</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="23" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Outstanding
    balance</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    accounts payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes
    receivable</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes
    payable</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Advances
    to suppliers</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Advances
    from customers</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; color: rgb(0,31,96); vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: right; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agropecu&aacute;ria
    Jacarezinho Ltda.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,257</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,744</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Beef
    Holdings Limited</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,154</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,161</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BRF
    S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41,262</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">42,150</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,715</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,842</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Establecimientos
    Colonia S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">141</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,452</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">90</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fazenda
    S&atilde;o Marcelo Ltda.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,657</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">427</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
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    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Frigor&iacute;fico
    Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,896</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">405</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inaler
    S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">58</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marb
    Bondco PLC</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,556</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,756</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Beef International Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,772,647</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,891,992</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Chile S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,015</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,079</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">161</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">381</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">59,814</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,433</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,407</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,544,500</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,044,500</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Holdings (Europe) B.V</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">122,392</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">131,108</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,431,526</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,570,772</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Overseas Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">299,140</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">318,620</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">690,571</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,698,380</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    US Holding, LLC</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Masplen
    Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,951</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,921</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MF
    Foods USA, LLC</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,647</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MFG
    Agropecu&aacute;ria Ltda.</FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MFG
    Holdings SAU</FONT></TD>
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  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MFG
    US Holding, LLC</FONT></TD>
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    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NBM
    US Holdings, Inc.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,250</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pampeano
    Alimentos S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,334</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,238</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,551</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17,041</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">800,555</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">805,304</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Plant
    Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,611</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,007</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,516</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,509</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prestcott
    International S.A.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">126</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Weston
    Importers Ltd.</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,048,314</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,811,686</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,066,102</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,173,152</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Controlling
    shareholders</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key
    management personnel</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0pt; padding-right: 0pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,142,749</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,895,456</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,321</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39,402</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,368,827</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,539,815</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,732,699</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,546,618</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>-</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,298,299</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; padding-left: 0pt; padding-right: 0pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; border-bottom: rgb(0,112,192) 1pt solid; border-top: rgb(0,112,192) 1pt solid; padding-right: 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  </TABLE>
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<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Parent</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="19" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recognized
    as profit or loss</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Costs</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
    income</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
    expenses</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Administrative
    <SUP>(a)</SUP></FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-bottom: rgb(0,111,192) 1.5pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agropecu&aacute;ria
    Jacarezinho Ltda.</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,690)</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #E7E6E6 1pt solid; border-bottom: #E7E6E6 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BRF
    S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">112,206</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">71,952</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(17,274)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(13,611)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5,880)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Establecimientos
    Colonia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">103</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">146</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fazenda
    S&atilde;o Marcelo Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6,816)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7,930)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Frigor&iacute;fico
    Tacuaremb&oacute; S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">505</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">584</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inaler
    S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">66</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marb
    Bondco PLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(106)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Beef (UK) Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Beef International Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,512</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,130</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Chile S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">60,771</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,595</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">189</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">217</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Comercializadora de Energia Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10,528)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7,686)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
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    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Holdings (Europe) B.V</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">827</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27,731</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(51,322)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(63,183)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    NBM Holdings Limited</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marfrig
    Overseas Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,583</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30,309</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(26,309)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(9,267)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Masplen
    Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MF
    Foods USA, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,006</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,014</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MFG
    Agropecu&aacute;ria Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(216,090)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(33,839)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MFG
    Holdings SAU</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,299</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,255</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">870</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,753</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NBM
    US Holdings, Inc.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,171</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5,767)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,265</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,120</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pampeano
    Alimentos S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">77,987</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,757</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(37,747)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,378</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,044</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,702</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,964</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Plant
    Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,922</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,394</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prestcott
    International S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">143</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">149</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Quickfood
    S.A.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,598)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Weston
    Importers Ltd.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,183,647</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">931,519</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15,049</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(195,914)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(103,027)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Controlling
    shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key
    management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(696)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: middle">
    <TD STYLE="font-size: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-size: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,441,545</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,051,241</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(293,439)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(63,066)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,623</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">104,709</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(273,545)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(181,356)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,963</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40,933</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="font-size: 10pt; text-align: justify">This refers substantially to debit and credit notes of corporate
expenses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The nature of related-party transactions between Marfrig Group
companies is represented by commercial transactions (purchases and sales) and sending of cash for payment of such transactions, as well
as for working capital.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Purchases and sales of products are made at market values. No guarantees
or estimated losses on doubtful accounts are required. These transactions involve purchase and sale of fresh meat and cattle, poultry
and lamb processed products.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Transactions between subsidiaries do not have an impact on the
consolidated financial statements, given that they are eliminated in consolidation.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 36.2. Consolidated related parties</P>



<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #0070C0 1pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; border-top: rgb(0,111,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="19" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Outstanding
    balance</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    accounts payable</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes
    receivable</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes
    payable</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Advances
    to suppliers</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; color: rgb(0,31,96); vertical-align: bottom; border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12/31/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agropecu&aacute;ria
    Jacarezinho Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,744</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fazenda
    S&atilde;o Marcelo Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">427</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MFG
    Agropecu&aacute;ria Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16,932</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,298,299</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Plant
    Plus Foods, LLC</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">160</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Plant
    Plus Foods Brasil Ltda.</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,007</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9,509</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Controlling
    shareholders <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48,001</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key
    management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">147</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">466</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; font-weight: bold; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">247</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: center; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,110</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">147</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,637</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,601</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48,001</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; vertical-align: bottom; border-bottom: #0070C0 2pt double; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">247</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,298,299</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify">Refers to the acquisition of MFG Agropecu&aacute;ria Ltda.
and other subsidiaries, see note 14.3.1 &ndash; MFG Agropecu&aacute;ria Ltda.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 44%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; border-bottom: #0070C0 1pt solid; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-bottom: 2pt; font-weight: bold; border-top: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-weight: bold; border-top: #0070C0 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; font-weight: bold; text-align: center; border-top-color: #0070C0; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,160,0)">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recognized
    as profit or loss</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-top: #0070C0 1pt solid; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Costs</FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 1pt; vertical-align: bottom; border-top: #0070C0 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">YTD</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); vertical-align: bottom; border-bottom: #0070C0 1pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Agropecu&aacute;ria
    Jacarezinho Ltda. <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,690)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Fazenda
    S&atilde;o Marcelo Ltda. <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,816)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,930)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">MFG
    Agropecu&aacute;ria Ltda. <SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216,090)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,839)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400">Plant
    Plus Foods Brasil Ltda. <SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,290</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,394</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Controlling
    shareholders</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: left; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Key
    management personnel</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696)</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #E7E6E6 1pt solid; text-align: right; border-top-color: #E7E6E6; border-top-width: 1pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,303</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,406</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226,292)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41,769)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify">Refers to costs up to March 31, 2025 prior to the acquisition
of these companies.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify">Refers to sales up to January 31, 2025 before the consolidation
of this company.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 36.3. Related parties of assets held for sale</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">During the period ended March 2025, there were no related-party
transactions between continuing and discontinued (held for sale) companies.</P>

<P STYLE="font: italic 10pt Arial,sans-serif; margin: 0 0 0 364.4pt; text-align: justify; text-indent: -45.35pt"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 37. <FONT STYLE="text-transform: none">MANAGEMENT COMPENSATION</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">As permitted under NBC TG 21/R4 (CVM Resolution 102/22) and based
on the recommendations in Official Letter CVM/SNC/SEP/No.003/2011, Management chose not to present once again the details in its Notes
of Management Compensation and sub-items (Board of Directors, Statutory Officers, Statutory Audit Committee, Audit Board, Stock Option
Plan) so as to prevent the repetition of information already reported in the financial statements for the year ended December 31, 2024.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 37.1. Consolidated compensation</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The compensation of Management and Board members is made up of
the compensation of five members of the Board of Directors (the other two opted for not receiving compensation as board members, one of
whom is also a member of the Statutory Board of Executive Officers and receives compensation from that body), six members of the Audit
Board (three of whom are alternate members) and four officers appointed as per the Company&rsquo;s bylaws.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The added value of the compensation received by the Company&rsquo;s
Management and Board members for their services is defined through market practices, with the participation of the Compensation, Corporate
Governance and Human Resources Committee,</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(0,111,192) 1.5pt solid; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96); vertical-align: middle">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Description</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2025</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); border-top: #0070C0 1pt solid; border-bottom: #0070C0 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">03/31/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated management compensation</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,157</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,378</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,157</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,378</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; margin-top: 0pt; margin-bottom: 0pt"> 37.2. Direct granting of shares</P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In the period ended March 2025, no shares were transferred to the
Company's Management.</P>

<P STYLE="font: 10pt Trebuchet MS Negrito,serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Trebuchet MS Negrito,serif; margin: 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="font-size: 5pt; vertical-align: top; text-align: left"><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 5pt; border-top: Gray 1.5pt solid; padding-bottom: 2pt; text-align: center">&nbsp;</TD><TD STYLE="border-top: Gray 1.5pt solid; font: 5pt Arial, Helvetica, Sans-Serif; vertical-align: middle; color: White; text-align: center">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: center; width: 80%"><IMG SRC="ex99-2_003.jpg" ALT=""></TD><TD STYLE="vertical-align: middle; font: 10pt Arial, Helvetica, Sans-Serif; color: White; background-color: Green; text-align: center; width: 10%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Trebuchet MS Negrito,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 38. <FONT STYLE="text-transform: none">ADDITIONAL INFORMATION OF THE CASH FLOW STATEMENTS</FONT></P>



<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The following table presents the changes in liabilities from financing
activities arising from operations with and without cash effect:</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,111,192) 1.5pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="13" STYLE="border-top: #0070C0 1pt solid; color: rgb(0,160,0); font-weight: bold; border-bottom: #0070C0 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Parent</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance
    at December 31, 2024</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash
    flow</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-cash
    changes</FONT></TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; border-top-color: #0070C0; border-top-width: 0.5pt">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance
    at <BR>
    March 31, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #0070C0 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: rgb(0,31,96)">Description</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</TD>
    <TD STYLE="color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange
    rate<BR>
    fluctuation</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Other
    (a)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt">&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: #0070C0 0.5pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loans,
    financing and debentures</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,253,858</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,081,307)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(52,207)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">693,510</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,813,854</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lease
    payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">373,855</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,224)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">264</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">372,895</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital
    reserves and treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,141,436)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(383,037)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">144,186</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">436,815</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,943,472)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
    investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,717,946</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,643,565)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,074,381</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25,204,223</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4,109,133)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">91,979</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,130,589</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #0070C0 0.5pt solid; border-bottom: #0070C0 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,317,658</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP>&nbsp; The amounts
presented under other for loans, financing, debentures and lease payable refer to interest expenses incurred, cost of issuing in financial
operations and adjustment to present value of leases in the period.</FONT></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242); text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242); width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,160,0); font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="padding-bottom: 1.5pt; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Balance
    at December 31, 2024</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash
    flow</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-cash
    changes</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
    March 31,<BR>
    2025</FONT></TD></TR>
  <TR STYLE="color: rgb(0,31,96)">
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Description</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: center; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #0070C0 0.5pt solid; border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: rgb(0,112,192) 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="text-transform: uppercase"><B>Combina&ccedil;&atilde;o de neg&oacute;cios</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242); border-bottom: rgb(0,112,192) 1.5pt solid; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: rgb(2,31,89)"><FONT STYLE="text-transform: uppercase"><B>Adi&ccedil;&atilde;o
        de controlada</B></FONT></P></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-controlling
    interest</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
    contracts</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange
    rate<BR>
    fluctuation</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Acquisition
    of related party</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700">Other
    (a)</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: bottom; text-align: right; border-top-color: #0070C0; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,112,192) 1.5pt solid; color: rgb(0,31,96); font-weight: bold; vertical-align: middle; text-align: left; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loans,
    financing and debentures</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">61,123,631</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,409,049)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,447,720)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,616,707</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 0.5pt solid; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">57,883,569</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Lease
    payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,896,200</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(302,346)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">355,767</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(67,928)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">736,890</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">72,703</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,691,286</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital
    reserves and treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,141,436)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(799,778)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">206,125</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">144,186</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">647,431</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 0.5pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: #D9D9D9 0.5pt solid; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,943,472)</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-bottom: 1pt; border-top-color: #D9D9D9; border-top-width: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
    investments and marketable securities</FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18,326,639</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,831,292)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(82,441)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; border-top-color: #D9D9D9; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 1pt solid; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16,412,906</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="background-color: rgb(242,242,242); text-align: right">-</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">82,205,034</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5,342,465)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: rgb(242,242,242)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">206,125</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242)">&nbsp;</TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">355,767</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2,453,903)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">736,890</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,336,841</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD STYLE="border-bottom: #006FC0 2.5pt double; font-weight: bold; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">78,044,289</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; margin: 0">(a)&nbsp;The amounts presented under other for loans, financing, debentures and
lease payable refer to interest expenses incurred, cost of issuing in financial operations and adjustment to present value of leases in
the period and for non-controlling interest refers to the amount attributed to profit or loss for the period.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1374FB; font: bold 10pt Arial Black,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> 39. EVENTS AFTER THE REPORTING PERIOD</P>



<P STYLE="font: 8pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>CRA</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On April 3, 2025, the Company's CRA in the amount of R$ 1,500,000
was settled, see disclosure in note 22 &ndash; Loans, financing and debentures.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Plant Jeddah Saudi Arabia</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On April 21, 2025, subsidiary BRF&rsquo;s Board of Directors approved
an investment of approximately US$ 160,000 (R$&nbsp;919,840) for the construction of a new processed products plant in Jeddah, Saudi Arabia.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The investment will be made by BRF Arabia Holding Company, a subsidiary
of subsidiary BRF and a joint venture vehicle with Halal Products Development Company, a wholly- owned subsidiary of the Public Investment
Fund (PIF).</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The new plant will have a production capacity of approximately
40 thousand tons/year of processed poultry and beef products. The project will allow subsidiary BRF to increase its local production from
17,000 to 57,000 tons per year, capturing the growing demand from the regional market and global accounts, as well as consolidating its
strategic partnership with Saudi Arabia.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>CRA - BRF</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On April 22, 2025, subsidiary BRF concluded its sixth issue of
simple, non-convertible, unsecured debentures, in up to 4 series as per the table below, for private placement, in the total amount of
R$ 1,250,000.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif; width: 92%; text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 12pt; color: rgb(2,31,89)"><B>MARFRIG GLOBAL FOODS S.A.</B></FONT></TD><TD ROWSPAN="4" STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; font: 10pt Aptos,sans-serif; text-align: right; width: 8%"><IMG SRC="ex99-2_002.jpg" ALT="">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Notes to the individual (Parent Company) and consolidated interim financial statements</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font: 10pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #00A000">Periods ended March 31, 2025 and 2024</FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: rgb(127,127,127) 1.5pt solid; padding-bottom: 3pt; font: 9pt Aptos,sans-serif"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(In thousands of Brazilian reais - R$, except where otherwise indicated)</FONT></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The debentures were subject to Private Placement with ECO Securitizadora
de Direitos Credit&oacute;rios do Agroneg&oacute;cio S.A. (&ldquo;Securitization Company&rdquo;), within the scope of its 390th issue
of agribusiness receivables certificates (&ldquo;CRA&rdquo;), in up to four series, backed by agribusiness credit rights, for public distribution
to the general public.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">Issuance costs in the amount of R$ 63,272 were capitalized and
will be recognized in profit or loss over the term of the operations based on the effective interest method.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"><B>Merger of Shares between Marfrig and BRF</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">On May 15, 2025, the boards of directors of Marfrig Global Foods
S.A. (&ldquo;Company&rdquo; or &ldquo;Marfrig&rdquo;) and BRF S.A. (&ldquo;BRF&rdquo; and, together with Marfrig, the &ldquo;Companies&rdquo;)
approved the execution, between the Companies, of the Plan of Merger of Shares of BRF S.A. by Marfrig Global Foods S.A. (the &ldquo;Plan
of Merger&rdquo;), which sets forth the terms and conditions applicable to the merger by Marfrig of all shares issued by BRF (other than
BRF shares held by Marfrig) as of the Closing Date (as defined below). In exchange, BRF's shareholders (except Marfrig) will receive common
shares issued by Marfrig, in accordance with the Share Exchange Ratio (as defined below), thus resulting in the transfer of BRF&rsquo;s
shareholder base to Marfrig (the &ldquo;Merger of Shares&rdquo;). The Plan of Merger, the Merger of Shares, and related matters will be
submitted for approval by the extraordinary general meetings of the Companies. Following the completion of the Merger of Shares, BRF will
become a wholly owned subsidiary of the Company.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">As a result of the Merger of Shares, BRF shareholders (except Marfrig)
will receive 0.8521 common shares issued by Marfrig for each one (1) common share issued by BRF held at the completion date of the Merger
of Shares, as set forth in the Plan of Merger (&ldquo;Closing Date&rdquo; and &ldquo;Share Exchange Ratio,&rdquo; respectively). The completion
of the Merger of Shares will be subject to the satisfaction (or waiver, as the case may be) of certain conditions set forth in the Plan
of Merger and the occurrence of the Closing Date.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The negotiation and determination of the Share Exchange Ratio considered
the distribution of dividends and/or interest on equity in the gross amounts of (i) BRL 3,520,000,000.00 (three billion, five hundred
and twenty million reais) by BRF; and (ii) BRL 2,500,000,000.00 (two billion, five hundred million reais) by Marfrig, in both cases to
be resolved by the Closing Date (inclusive) (together, the &ldquo;Permitted Distributions&rdquo;).</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Share Exchange Ratio will be adjusted solely (i) in the event
of share splits, reverse share splits, or in-kind share dividends issued by either Company; and/or (ii) pursuant to the methodology set
forth in the Plan of Merger. Under the methodology described in the Plan of Merger, any payments made by the Companies in connection with
the exercise of withdrawal rights will proportionally reduce the Permitted Distributions by an equivalent amount applied to both Companies.</P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">The Company continues to evaluate the financial and operational
impacts arising from the Merger of Shares but emphasizes that it sees significant strategic value added through the Merger of Shares.
This transaction is expected to drive the global consolidation of its businesses and strengthen its brands through a robust multi-protein
platform, including, among other advantages: (i) bolstering the Companies' presence as leaders in the global food market; (ii) achieving
strategic expansion into new markets, maximizing growth opportunities and commercial synergies, including cross-selling initiatives; and
(iii) enhancing operational scale and diversification, thereby improving resilience and mitigating risks associated with the sector&rsquo;s
seasonality and macroeconomic variables.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify"></P>

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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea024266202ex99-3_brf.htm
<DESCRIPTION>MARFRIG GLOBAL FOODS S.A. SUMMARY RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2025
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">Presentation of
Financial and Other Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">We prepare our financial
statements in accordance with accounting practices adopted in Brazil, which are based on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Brazilian corporate law (Law No. 6,404, dated December 15, 1976, as amended, including the provisions
of Law No. 11,638, dated December 28, 2007, Law No. 11,941, dated May 27, 2009 and Law No. 12,431, dated June 24, 2011) (&ldquo;Brazilian
Corporate Law&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">accounting pronouncements issued by the Accounting Pronouncements Committee (<I>Comit&ecirc; de Pronunciamentos
Cont&aacute;beis</I>, or the &ldquo;CPC&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">as we are a public company in Brazil, rules and regulations issued by the Brazilian Security and Exchange
Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>, or the &ldquo;CVM&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We refer to these accounting
practices as &ldquo;Brazilian GAAP.&rdquo; Brazilian GAAP has changed in recent years to converge with International Financial Reporting
Standards, International Accounting Standards and Interpretations (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards
Board (&ldquo;IASB&rdquo;). Our consolidated interim financial statements as of and for the three-month periods ended March 31, 2025 and
2024 were prepared in accordance with IFRS and Brazilian GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion
contains our consolidated interim financial statements as of and for the three-month periods ended March 31, 2025 and 2024, and the notes
thereto, and contains the limited review report of Grant Thornton Auditores Independentes Ltda. with respect thereto. See below for further
discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with IFRS
5 Non-current Assets Held for Sale and Discontinued Operations (&ldquo;IFRS 5&rdquo;), in periods where we have either disposed of, or
classified for sale, an operation, we are also required to disclose in the current period those operations&rsquo; results as discontinued
operations. When such conditions exist, we are required to present the results of operations of discontinued businesses and any gain on
sale of a discontinued businesses as a single amount in our statement of income separately from our continuing operations for the current
period, to present the comparative period results of operations on a similar basis and to present any assets held for sale separately
in our consolidated balance sheet in the period in which the transaction occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On August 28, 2023, we entered
into a share purchase agreement committing to sell to Minerva certain cattle and lamb slaughter units in Argentina, Brazil, Chile and
Uruguay, for a total consideration of R$7.5 billion (the &ldquo;Minerva Transaction&rdquo;). On October 28, 2024, we closed the Minerva
Transaction. As of that date, we received R$5.6 billion, in addition to R$1.5 billion that was paid at signing. The closing of the sale
of our units in Uruguay remains subject to ongoing antitrust review. On May 21, 2024, the <I>Comisi&oacute;n de Promoci&oacute;n y Defensa
de la Competencia</I> (&ldquo;CPDC&rdquo;) of Uruguay issued a resolution denying authorization for the sale of our cattle slaughter units
in Col&ocirc;nia, Salto, and San Jos&eacute;, Uruguay (the &ldquo;Discontinued Operations&rdquo;). On October 30, 2024, the CPDC reaffirmed
its prior decision. We have filed an appeal against the CPDC&rsquo;s ruling. See note 12 to our consolidated interim financial statements
as of and for the three-month period ended March 31, 2025. See &ldquo;<I>Discontinued Operations.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our consolidated interim
financial statements as of and for the three-month period ended March 31, 2025 exclude the results of operations of the Discontinued Operations
that were sold to Minerva. Our consolidated statement of financial position, consolidated statement of changes in shareholders&rsquo;
equity and consolidated statement of added value as of and for the three-month period ended March 31, 2025 exclude the Discontinued Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated,
all financial data contained in this discussion are presented on the basis of continuing operations only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Convenience Translations into U.S. Dollars</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain Brazilian <I>real</I>
amounts included in this discussion have been translated, solely for the purposes of convenience for the reader, into U.S.
dollars at the exchange rate as of March 31, 2025 of R$5.7422 to U.S.$1.00. Where those amounts have been translated, the relevant figures
have been annotated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operational Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated,
all production, plant and capacity data contained in this discussion are presented on the basis of continuing operations only,
which excludes Discontinued Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>The following discussion
contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed
in these forward-looking statements as a result of various factors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>The discussion below
is based on</I>, <I>and should be read in conjunction with</I>, <I>the financial statements contained elsewhere in this discussion
and discussed in this section</I>, <I>which include our consolidated interim financial statements as of and for the three-month periods
ended March 31, 2025 and 2024, as well as the information under &ldquo;Presentation of Financial and Other Information</I>.<I>&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a multinational corporation
and one of the world&rsquo;s largest beef companies in terms of production capacity. As of March 31, 2025, we operated seven slaughter
plants and others processed food plants in our North America and South America businesses. Our activities include production, processing,
sale and distribution of foods made from animal protein, primarily beef, as well as a variety of other food products, such as frozen vegetables,
lamb, pork, fish, sauces and desserts. As of March 31, 2025, we are the controlling shareholder of BRF, holding 50.49% of its outstanding
shares, corresponding to 849,526,130 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the three-month period
ended March 31, 2025, approximately 48% of our revenue came from our North America business, 12% derived from our South America business
and 39% derived from BRF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With approximately 126,000 employees,
of which 100,747 are employees of BRF, we operate in the food service, retail and wholesale channels, offering innovative, safe and healthy
choices. We have a diversified and comprehensive portfolio of products that can be found in major restaurant and supermarket chains and
that reach millions of individual customers in approximately 100 countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From April 1, 2022, we consolidated
the results of BRF in our financial statements. The strategy behind the consolidation of BRF was to diversify and combine our businesses,
allowing for a geographically diversified production platform, and expanding our footprint in the Americas, which is the world&rsquo;s
largest consumer beef market. The strategy behind the Minerva Transaction was to allow us to focus on the production of branded beef and
higher value-added products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business structure comprises
three main divisions: North America, South America and BRF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><I>North America </I>&mdash; Our North America business consists mainly of National Beef, which is the
fourth largest beef processor in the United States. With three slaughter plants with a capacity of approximately 13,100 heads/day, National
Beef represents approximately 14% of the beef slaughter capacity in the United States. As of March 31, 2025, the North America business
also had a production capacity of approximately 100,000 tons of beef patties per year and one of the largest and most technologically
advanced beef patty plants in the United States. The North America business&rsquo;s products are sold domestically in the retail, wholesale,
foodservice and processing channels, and exported to more than 35 countries. National Beef is also the United States&rsquo; leading exporter
of chilled beef, with a focus on the Japanese and South Korean markets. This business also operates a wet blue tannery, a refrigerated
and livestock transportation business and an online direct-to-consumer business offering high-quality beef and other gourmet food items
for home delivery.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><I>South America</I> &mdash; Considering our continued and discontinued operations, our South America
business is one of the region&rsquo;s leading beef producers. It is recognized for its quality products and as one of South America&rsquo;s
main exporters. In Brazil, our business has the capacity to produce 104,000 tons of beef patties per year, with a focus on the retail
and foodservice channels. We are the largest producer and exporter of organic beef in the Uruguayan industry where we focus on the production
and sale of organic beef for export. In Argentina, we own two slaughter plants, are the leading producer and seller of beef patties and
own one of the region&rsquo;s most valuable and most recognized brands. In Chile, we are the leading beef importer and have a lamb slaughter
plant in the Patagonia region.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">BRF &mdash; BRF S.A. is one of the largest producers of fresh and frozen protein foods in the world in
terms of production capacity, according to WattAgNet, with a portfolio of approximately 6,400 stock keeping units, or SKUs, as of December
31, 2024, serving more than 440,000 clients in approximately 120 countries. We operate in a large and growing market supported by positive
demographic growth trends. We are committed to operating our business and delivering products to our global customer base in line with
our core values: quality, safety and integrity. Our processed products include marinated and frozen chicken, Chester rooster and turkey
meats, specialty meats, frozen processed meats, frozen ready meals, portioned products and sliced products, among others. We also sell
margarine, butter, cream cheese, sweet specialties, sandwiches, plant-based products, animal feed and pet food. We are the holder of brands
such as Sadia, Perdig&atilde;o, Qualy, Sadia Halal, Banvit, Perdix, Confidence and Hilal, among other regional brands. For the year ended
December 31, 2024, we were responsible for 9.9% of the world&rsquo;s poultry trade, according to the United States Department of Agriculture,
or the USDA.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Three-Month Period Ended March 31, 2025 Compared
to the Three-Month Period Ended March 31, 2024</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The discussion below in
reference to the three-month periods ended March 31, 2025 and 2024 is exclusive of Discontinued Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following discussion
is presented on a consolidated basis, as well as by business unit, meaning, (1) North America, comprised of National Beef, (2) South America,
comprised of assets in Brazil, Argentina, Uruguay and Chile, and (3) BRF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net Sales</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net sales increased by 24.7%,
from R$31,590.9 million for the three-month period ended March 31, 2024, to R$39,405.0 million for the three-month period ended March
31, 2025. The increase in net sales is primarily due to robust sales growth across all segments, primarily driven by heightened demand
in North America and capacity expansion initiatives within our South America operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">The table below shows our
net sales for our business units:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Three-Month Period Ended<BR>
 March 31,</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center"><B>% Change</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; text-indent: 0in; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center"><B>2025</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center"><B>2024</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center"><B>2025 x 2024</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-style: italic; text-align: center"><B>(in millions of R$)</B></TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left">North America</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; width: 64%; text-align: left">Domestic Market</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">17,311.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">12,552.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">37.9</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Exports</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,743.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,471.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">18.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">North America Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">19,054.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">14,024.1</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">35.9</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left">South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left">Domestic Market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,210.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,694.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.0</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Exports</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,714.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,543.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">South America Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">4,925.1</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">4,238.5</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left">BRF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left">Domestic Market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,005.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,722.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.1</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Exports</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,419.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,606.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">12.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">BRF Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15,425.2</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13,328.3</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">15.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left">Marfrig Consolidated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left">Domestic Market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,528.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,968.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.3</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Exports</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,877.20</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,622.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Consolidated</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">39,405.20</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">31,590.9</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">24.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">Below is a discussion of the
changes in our net sales by business unit as set out in the table above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>North America</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">North America net sales
for the three-month period ended March 31, 2025 increased by 35.9% from R$ 14,024.1 million for the three-month period ended March 31,
2024 to R$ 19,054.7 million for the three-month period ended March 31, 2025 due to an increase in sales volume and prices which was driven
by the domestic market and effects of currency translations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I STYLE="font-style: normal; font-weight: normal; text-decoration: underline">Domestic Market</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Domestic sales across North
America increased by 37.9% from R$ 12,552.2 million for the three-month period ended March 31, 2024, to R$ 17,311.6 million for the three-month
period ended March 31, 2025. This was primarily due to continued growth in demand for beef protein and an increase in average selling
prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-decoration: underline; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Export Market</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Export net sales across
North America operations increased by 18.4% from R$ 1,471.9 million for the three-month period ended March 31, 2024, to R$ 1,743.2 million
in net sales for the three-month period ended March 31, 2025. This increase was primarily due to the effects of currency translations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B STYLE="font-style: normal; font-weight: normal"><I>South America</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">South America net sales
increased by 15.7% from R$ 4,238.5 million for the three-month period ended March 31, 2024 to R$ 4,925.1 million for the three-month period
ended March 31, 2025. This increase was mainly due to capacity expansion initiatives and a mix of greater value-added products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-decoration: underline; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domestic Market</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Domestic market net sales
across our South America operation increased by 30.0% from R$1,694.6 million for the three-month period ended March 31, 2024 to R$2,210.8
million for the three-month period ended March 31, 2025. This increase was primarily due to higher average sales price, volume growth
aligned with capacity expansion, and increased contribution of processed products in the sales portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-decoration: underline; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Export Market</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Export net sales across
our South America operation increased by 6.7% from R$ 2,543.9 million for the three-month period ended March 31, 2024 to R$ 2,714.3 million
for the three-month period ended March 31, 2025. This increase was mainly due to higher average export prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>BRF</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">BRF net sales for the three-month
period ended March 31, 2025 increased by 15.7% from R$13,328.3 million for the three-month period ended March 31, 2024 to R$ 15,425.2
million for the three-month period ended March 31, 2025. This increase is primarily driven by the positive cycle, where supply,
primarily of chicken, is constrained across various geographies, coupled with increasing demand for proteins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-decoration: underline; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domestic Market</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">BRF domestic sales for the
three-month period ended March 31, 2025 increased by 19.1% from R$6,722.1 million for the three-month period ended March 31, 2024 to R$
8,005.6 million for the three-month period ended March 31, 2025. This increase was primarily due to improved performance of processed
products and higher sales volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-decoration: underline; font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Export Market</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">BRF export net sales for
the three-month period ended March 31, 2025 increased by 12.3% from R$6,606.2 million for the three-month period ended March 31, 2024
to R$ 7,419.7 million in net sales for the three-month period ended March 31, 2025. This increase was primarily due to higher average
prices in U.S. dollars and currency translation effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of Products and Goods Sold</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of products and goods
sold increased by 25.3% from R$27,753.2 million for the three-month period ended March 31, 2024, to R$34,762.1 million for the three-month
period ended March 31, 2025. This increase was mainly due to an increase in raw material costs across all segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The table below shows the
composition of cost of products and goods sold:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three-Month Period Ended March 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Cost of Products and Goods Sold</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; font-style: italic; text-align: center">(in millions of R$, except where indicated)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Direct and Indirect Labor</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(2,958.1</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8.5</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(2,435.9</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8.8</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw Materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,127.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,311.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.6</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Production Costs</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,076.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,765.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(34,762.1</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(27,753.2</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Raw materials, which include
animals, remained the chief component of cost of goods sold, accounting for 57.9% of the total cost of goods sold for the three-month
period ended March 31, 2025, as compared to 51.6% for the three-month period ended March 31, 2024. This increase was mainly due to an
increase of cattle costs in our North America segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross Profit</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of the above
factors, our gross profit increased by 21.0% from R$3,837.7 million for the three-month period ended March 31, 2024 to R$4,642.9 million
for the three-month period ended March 31, 2025. The main reason for this increase was an improvement of profitability performance in
our South America and BRF segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling, General and Administrative
Expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling, general and administrative
expenses totaled R$3,385.1 million for the three-month period ended March 31, 2025, a 15.4% increase from the R$2,933.4 million recorded
for the three-month period ended March 31, 2024. The main reason for the increase was an increase in sales volume across our units which
resulted in increased operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling expenses increased
by 10.9% from R$2,468.7 million for the three-month period ended March 31, 2024 to R$2,738.2 million for the three-month period ended
March 31, 2025. The increase was mainly due to greater sales volumes, primarily in our North America segment, and the effects of currency
translation when converted to <I>reais</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">General and administrative
expenses increased by 39.2% from R$464.7 million for the three-month period ended March 31, 2024 to R$647.0 million for the three-month
period ended March 31, 2025. The increase was primarily driven by greater expenses denominated in foreign currency and the effects of
currency translations when converted to reais.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other Operating Income (Expenses)</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other operating income (expenses),
net, increased by 205.3%, from a net operating expense of R$13.2 million for the three-month period ended March 31, 2024 to net operating
income of R$13.9 million for the three-month period ended March 31, 2025. This change was primarily driven by the sale of dormant plants,
which had previously affected the results negatively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Income (Expenses)</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">The financial result for the
three-month period ended March 31, 2025 was a net expense of R$1,340.1 million, compared to a net expense of R$972.5 million for the three-month
period ended March 31, 2024. This increase of 37.8% was primarily due to an increase in gross debt and an increase in the baseline interest
rate, particularly in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">Our net loss from trading
is explained by the hedging instruments detailed in note 30 to our consolidated interim financial statements as of and for the three-month
period ended March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">The table below includes a
breakdown of our financial result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three-Month Period Ended<BR>
 March 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center"><B>% Change</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">2025 x 2024</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; font-style: italic; text-align: center">(in millions of R$)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Financial Result</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 64%; text-align: left">Interest received, earnings from marketable securities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">413.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">340.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">21.7</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Interest, debentures and lease with financial institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,655.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,278.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.5</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Inflation adjustments, bank expenses, amortization cost on debt and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(138.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.9.</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Translation gains and losses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(88.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">104.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">185.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,340,081</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(972.5</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">37.8</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Financial income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,731,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,926.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93.7</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Financial expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,071,509</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,898.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">75.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Financial Income (expense)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,340,081</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(972.5</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">37.8</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income and Social Contribution Taxes</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We recorded tax credits
from income and social contribution taxes in the amount of R$491.8 million for the three-month periods ended March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the for the three-month
periods ended March 31, 2024, we recorded tax credits from income and social contribution taxes in the amount of R$228.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net Income (Loss) for the Year from
Continuing and Discontinuing Operations&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net income for the three-month period ended March 31, 2025, increased by 152.9%, from R$167.9
million for the three-month period ended March 31, 2024, to R$424.6 million for the three-month period ended March 31, 2025. This increase
primarily reflects improved financial income and operational performance across key segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net margin for the three-month period ended
March 31, 2025 increased to 1.08% compared to 0.53% for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity and Capital Resources</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sources and Uses of Cash</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our main sources of cash
are (i) our cash flow from operations, (ii) our raising of long- and short-term debt and (iii) equity raising transactions. Our main uses
of cash are costs and expenses related to our operations, cash requirements for capital expenditures related to investments in expansion
and/or modernization of our plants, and repayment of debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin: 0pt 0pt 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">The table below shows our
cash flows for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three -Month Period ended <BR>
March 31,</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic; text-align: center">(in millions of R$)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Cash flow provided by (used in) operating activities&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,960.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,386.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash flow provided by (used in) investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,222.1</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash flow provided by (used in) financing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,564.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,508.3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Exchange variation on cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(568.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Discontinued operations net of cash&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash flow in the periods&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(661.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,766.3</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash flow provided by (used in) Operating
Activities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our cash flows from operating
activities for the three-month periods ended March 31, 2025 and 2024 amounted to an inflow of R$2,960.6 million and an inflow of R$1,386.7
million, respectively, representing a 113% increase. In addition to requiring cash to finance our operations, we needed cash to fund investments,
pursue strategic initiatives, and service our financial obligations. These cash needs during the periods were primarily met through a
combination of operational cash flow and short- and long-term financing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash flow provided by (used in) Investing
Activities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash provided by
(used in) investing activities for the three-month periods ended March 31, 2025 and 2024 amounted to R$395.6 million and a net
outflow of R$2,222.1 million, respectively. For the three-month period ended March 31, 2025, we directed investment cash flows
towards operational improvements, acquisitions, and modernization, contrasting with the prior period&rsquo;s higher outflows from
other investment-related activities. A significant portion of investments is typically allocated to the maintenance, development, or
expansion of our facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash flow provided by (used in) Financing
Activities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We used R$3,564.2 million
(net) in financing activities for the three-month period ended March 31, 2025, compared to R$2,508.4 million (net) used for the three-month
period ended March 31, 2024, representing a 42% increase. Our principal financing activities during the three-month period ended March
31, 2025, included debt repayments as part of our regular repayment schedule, as well as measures taken to manage our financial obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Discontinued Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Minerva Transaction</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On August 28, 2023, following
our strategic shift to focus on the production of branded meat and products with higher value added, we decided to sell to Minerva S.A.
certain cattle and sheep slaughter units in Argentina, Brazil, Chile and Uruguay, which are part of the South America segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 21, 2024, we received
from the <I>CPDC </I>of Uruguay a resolution denying authorization for the sale of the assets located in Uruguay, comprising the cattle
slaughter units in Col&ocirc;nia, Salto and San Jos&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September 25, 2024, we
received from the <I>Administrative Council for Economic Defense (CADE)</I>, the approval for the transfer of the assets located in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On October 28, 2024, we
closed this transaction to sell the cattle and sheep slaughter units in Argentina, Brazil and Chile. As of that date, we received R$5.6
billion, in addition to R$1.5 billion that was paid at signing. The closing of the sale of our units in Uruguay remains subject to ongoing
antitrust review subject to the approval by the CPDC. On October 30, 2024, the CPDC reaffirmed its prior decision. We filed an appeal
against CPDC&rsquo;s ruling on February 11, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Results of Discontinued Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The financial results
for the three-month period ended March 31, 2025 include the results and cash flows of the Discontinued Operations. By contrast, the
financial results for the three-month period ended March 31, 2024 reflect the results and cash flows of all assets involved in the
Minerva transaction, which were classified as non-current assets held for sale in accordance with IFRS 5. As a result, the financial
results for these periods are not directly comparable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The tables below set forth
certain selected income statement line items relating to our Discontinued Operations for the three-month period ended March 31, 2025 and
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: 0in; white-space: nowrap; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three -Month Period ended <BR>
March 31,</TD><TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2025 <SUP>(1)</SUP></P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">2024 <SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic; text-align: center">(in millions of R$)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; width: 76%; font-weight: bold; text-align: left">Net sales&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">74.7</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">750.8</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left">Cost of products and goods sold&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(506.3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left">Gross profit&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left">Operating expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(162.5</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Net financial result&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(127.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left">Net operating income (loss)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45.2</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Income and social contribution taxes&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">80.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss from discontinued operations&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(0.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">35.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left">Controlling interest discontinued operation&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left; padding-bottom: 1.5pt">Non-controlling interest discontinued operation&#9;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss from discontinued operations&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(0.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">35.7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"><I>Note</I>:&mdash;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Comprise the Discontinued Operations.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Comprise all assets subject to the Minerva Transaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">The tables below set forth
certain selected cash flow statement line items relating to our Discontinued Operations for the three-month periods ended March 31, 2025
and 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: 0in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three-month period ended<BR>
 March 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">2025</FONT><SUP>(1)</SUP></P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">2024<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic; text-align: center">(in millions of R$)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; width: 76%; text-align: left">Parent&rsquo;s profit (loss) for the period&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(0.7</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">35.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left">Non-cash items&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left">Equity changes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.9</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left">Cash flow provided by (used) in operating activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left">Cash flow used in investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22.2</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; text-align: left">Cash flow provided by (used) in investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left">Exchange variation on cash and equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash flow for the year&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">98.8</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">284.3</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0in; text-align: left">Cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42.8</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Discontinued operations, net of cash&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">114.9</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">241.5</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Note:&mdash;</I></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Comprise the Discontinued Operations.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Comprise all assets subject to the Minerva Transaction.</TD></TR></TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For additional information,
see note 12 to our consolidated interim financial statements as of and for the three-month period ended March 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">9</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
