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Investor Presentaiton

Cash and cash equivalents and financial Impacts on profit (loss) Scenario I Scenarios II & III Scenario I Impacts on comprehensive income Scenarios II & III = Borrowing and Changes investments related parties Derivative financial from Risk factors Foreign exchange rates (i) (i) instruments/As per unit 2021 Results of scenario I -25% -50% +25% +50% Results of scenario I -25% -50% +25% +50% USD 9,521 18,606 2,301 USD millions -1.4% 33 572 1,145 (572) (1,145) 138 EUR 752 1,174 0.1% (12) (25) 12 25 2,384 118 4,768 (2,384) (4,768) 236 (118) (236) MAD 227 2.1% 5 (57) (113) 57 113 BOB 58 635 -3.1% 18 144 289 (144) (289) TRY 46 17 4 USD millions -7.0% (1) (15) (37) 12 22 CAD 27 113 -0.5% 23 46 (23) (46) (1) (3) 1 3 UYU 38 121 -1.4% 1 21 42 (21) (42) TND 229 -2.2% (5) (57) (114) 57 114 ARS 136 -12.4% (17) (34) (68) 34 68 NAD 8 -3.3% (2) (4) 2 4 PEN 139 10 -2.4% (3) (31) (62) 31 62 (2) (3) 2 3 11,180 20,677 2,305 29 423 840 (426) (855) 140 2,628 5,257 (2,628) (5,257) Interest rates BRL - CDI 5,544 BRL-IPCA 2,063 2,307 2,910 6,726 BRL 191 bps 139 228 529 (170) (295) 5 (2) BRL -456 bps 105 (73) (133) 86 187 BRL- TJLP 128 44 bps 2 3 (2) (3) USD - LIBOR 1,775 Dollar coupon 5,544 6,273 1,176 USD millions 1,326 USD millions 12,137 2 bps 6 (11) (23) 11 23 17 bps 63 (198) (395) 198 395 (1,088) 122 245 (122) 313 (52) (19) 123 307 (1088) 124 250 (124) (245) (249) Price of commodities Zinc Aluminium 224,596 57,200 281,796 ton ton -18.7% 7.8% 187 132 265 (132) (265) (37) (26) (52) 26 52 (32) 158 316 (158) (316) 187 132 265 (132) (265) (69) 132 264 (132) (264) Firm Commitment - electric energy Purchase and sale contracts - fair value (44) (44) 1 1 1 (i) The balances presented do not reconcile with the explanatory notes, since the analysis performed covered all the most significant currencies and the interest rates include only the principal amount. 139
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