Investor Presentaiton

Consolidated balance sheet Ended December 31 - All amounts in millions of reais unless otherwise stated (A free translation of the original in Portuguese) Note 2021 2020 Note 2021 2020 Assets Liabilities and equity Current assets Cash and cash equivalents Financial investments Derivative financial instruments 10 6.1.1 (a) 13,680 3,132 106 9,783 5,678 221 Derivative financial instruments - put option 6.1.1 (b) 4,704 Current assets Borrowing Derivative financial instruments Lease liabilities Confirming payables Trade payables 20 (a) 6.1.1 (a) 603 556 1,407 511 21 (b) 330 235 22 3,405 2,380 6,914 5,404 Trade receivables 11 3,679 3,209 Salaries and payroll charges 1,377 1,174 Inventory 12 7,167 4,724 Taxes payable 1,627 760 Taxes recoverable 14 2,709 2,033 Advances from clients 188 182 Dividends receivable 15 305 176 Dividends payable 15 1,624 44 Electric power futures contracts 16 845 49 Use of public assets - UBP 25 175 97 Financial instruments - firm commitment 16 800 75 Other assets 944 Assets classified as held-for-sale 34 37,271 1,281 538 26,411 Deferred revenue - silver streaming Other liabilities 185 141 1,529 924 25 19,313 13,334 Liabilities related to assets held-for-sale 34 ☑ 38,552 26,436 1,163 20,476 13,336 Non-current assets Long-term receivables Non-current assets Financial investments Financial instruments - shares 10 13 20 Borrowing 20 (a) Derivative financial instruments 6.1.1 (a) Derivative financial instruments 6.1.1 (a) 2,801 847 2,590 Lease liabilities 21 (b) 24,401 526 1,221 23,658 2,412 623 1,945 Deferred income tax and social contribution 23 (b) 3,824 2,373 Derivative financial instruments put option 6.1.1 (b) 252 Related parties 15 75 11 Taxes recoverable 14 Related parties 15 Deferred income tax and social contribution 23 (b) 2,033 225 2,696 2,966 Provision 24 (a) 3,751 3,586 196 Use of public assets - UBP 25 1,692 1,400 2,731 Judicial deposits 24 (b) Pension plan and post-employment health care benefits 26 563 524 214. 193 Financial instruments - firm commitment 16 3,063 210 Electric power futures contracts 16 2,962 9 Deferred revenue silver streaming 637 722 Securitization of receivables 211 149 Other liabilities 841 827 Other assets 705 12,694 701 11,752 40,594 36,346 Investments 17 Advance for investment property 1.1 (aa) 13,691 58 12,698 Total liabilities 61,070 49,682 Property, plant and equipment 18 (a) 35,078 Intangible assets 19 (a) Right to use assets arising from leases 21 (a) Biological assets 16,703 1,492 90 30,105 14,594 Equity Share capital 28,656 28,656 Revenue reserves 14,741 8,806 797 Carrying value adjustments 27 (c) 6,518 4,879 96 Total equity attributable to the owners of the Company 49,914 42,341 79,806 70,042 Non-controlling interests 7,374 4,455 Total assets 118,358 96,478 Total equity 57,288 46,796 Total liabilities and equity 118,358 96,478 104 =

View entire presentation