PPLA Participations Ltd. - Audit Report / Information 2024

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www.pwc.com.br

(A free translation of the original in Portuguese)

PPLA Participations Ltd.

Financial statements at

December 31, 2024

and independent auditor's report

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(A free translation of the original in Portuguese)

Independent auditor's report

To the Management and Stockholders

PPLA Participations Ltd.

Opinion

We have audited the accompanying financial statements of PPLA Participations Ltd. (the "Company"),

which comprise the balance sheet as at December 31, 2024 and the statements of income, comprehensive

income, changes in equity and cash flows for the year then ended, and notes to the financial statements,

including material accounting policies and other explanatory information.

In our opinion the financial statements referred to above present fairly, in all material respects, the

financial position of the Company as at December 31, 2024, and its financial performance and its cash

flows for the year then ended, in accordance with the International Financial Reporting Standards (IFRS)

as issued by the International Accounting Standards Board (IASB) (currently described as "IFRS

Accounting Standards" by the IFRS Foundation).

Basis for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our

responsibilities under those standards are described in the Auditor's Responsibilities for the Audit of the

Financial Statements section of our report. We are independent of the Company in accordance with the

ethical requirements established in the Code of Professional Ethics and Professional Standards issued by

the Brazilian 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.

Material uncertainty related to going concern

We draw attention to Note 1 to these financial statements, which states that the Company has incurred

recurring decreases in shareholders' equity over the past few years for the reasons set out in that Note.

The plans for reversing this situation, are also described in Note 1, and depends on the success of the

initiatives taken by Management, through obtaining loans, which can be capitalized, if necessary. This

situation, among others described in that Note, indicates the existence of significant uncertainty that

may cast significant doubts about the ability of the Company to continue as a going concern. Our opinion

is not qualified in respect of this matter.

PricewaterhouseCoopers Auditores Independentes Ltda., Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o

São Paulo, SP, Brasil, 04538-132

T: +55 (11) 4004-8000, www.pwc.com.br4

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Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment,

were of most significance in our audit of the financial statements of the

current year. These matters were addressed in the context of our audit of

the financial statements as a whole, and in forming our opinion thereon,

and we do not provide a separate opinion on these matters.

In addition to the matter described in the "Material uncertainty related

to going concern" section, we have determined the matters described below

to be the key audit matters to be communicated in our report.

Matters

Why it is a

Key Audit

Matter

How the

matter was

addressed

Why it is a Key Audit Matter

How the matter was addressed in the audit

Fair value measurement of financial

instruments Level III

As disclosed in Notes 3 (e), 3 (f) and 5 (b), the

Company has an investment in the subsidiary

PPLA Investments LP., which, as of

December 31, 2024, invested in financial

instrument as shares of privately held company,

classified as Level III, with

Our main audit procedures considered, among

others, our understanding of the main processes

involving the fair value measurement of financial

instruments Level III.

With the support of our specialists, we had

meetings with those in the Management

responsible for the preparation and approval of

calculation of valuation of shares, in order to

establish, based on our experience and judgment,

whether the Company's measurement

operations in different industries and locations.

These shares of privately held

companies, with no stock exchange quoted prices,

which are, as a result, valued at fair value

estimated by Management, in accordance with

the Company's assumptions and internal pricing

models, that are based mainly on cash flow.

work is consistent with the valuation techniques

usually applied in the market.

We consider this a focus area in our audit as the

use of different valuation techniques and

assumptions may produce significantly different

fair value estimates and also due to the

materiality of the financial instruments, classified

as Level III, in the context of the financial

statements.

We also tested the valuation methodology as

well as the assumptions used by Management

through the following: (i) understanding

of the methodology used in the assessment;

(ii) comparison of assumptions observable

in the market, when applicable; (iii) review of the

movements occurred during the year;

(iv) comparison with the information and

fair value obtained by the Company and

(v) comparison of the spreadsheets used for the

share and quotas valuation with the accounting

records and with the disclosures made in the

notes to the financial statements.

We believe that the criteria adopted by

management in the fair value measurement of the

financial instruments are consistent

with the information analyzed in our audit.

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Other matters

Statement of Value Added

The Statement of Value Added for the year ended December 31, 2024, prepared under the responsibility of

the Company's management and presented as supplementary information for IFRS Accounting Standards

purposes, was submitted to audit procedures performed in conjunction with the audit of the Company's

financial statements. For the purposes of forming our opinion, we evaluated whether this statement is

reconciled with the financial statements and accounting records, as applicable, and if its form and content

are in accordance with the criteria defined in Technical Pronouncement CPC 09 - "Statement of Added

Value". In our opinion, this Statement of Value Added has been properly prepared in all material respects,

in accordance with the criteria established in the Technical Pronouncement, and is consistent with the

financial statements taken as a whole.

Other information accompanying the financial statements and the audit report

The Company's management is responsible for the other information that comprises the Management

Report.

Our opinion on the financial statements does not cover the Management Report, and we do not express

any form of audit conclusion regarding such report.

In connection with the audit of the 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 the

Management Report, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the

financial statements

Management is responsible for the preparation and fair presentation of the financial statements in

accordance with the International Financial Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB) (currently described as "IFRS Accounting Standards" by the IFRS

Foundation), 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.

In preparing the financial statements, management is responsible for assessing the Company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless management either intends to liquidate the Company or to cease

operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

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Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor'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.

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. We also:

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that

is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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's internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

Conclude on the appropriateness of management'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 Company'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's report to the related

disclosures in the 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's report. However,

future events or conditions may cause the Company to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether these financial statements represent the underlying transactions and events

in a manner that achieves fair presentation.

Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the

financial information of associates as a basis for forming an opinion on the Company's financial

statements. We are responsible for the direction, supervision and review of the audit work performed

for purposes of the group audit. We remain solely responsible for our audit opinion.

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 identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant

ethical requirements regarding independence, and to communicate with them all relationships and other

matters that may reasonably be thought to bear on our independence, and where applicable, actions taken

to eliminate threats to our independence or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that

were of most significance in the audit of the financial statements of the current period and are therefore

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the Key Audit Matters. We describe these matters in our auditor'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.

São Paulo, March 14, 2025

PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/O-5

Fábio de Oliveira Araújo

Contador CRC 1SP241313/O-3

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REPORT OF THE MANAGEMENT

PPLA PARTICIPATIONS LTD. (CNPJ 15.073.274/0001-88)

December 2024

Management Report

In accordance with the legal provisions, the Management of PPLA Participations Ltd. submits for

consideration the Financial Statements, in accordance with the International Financial Reporting

Standards issued by the International Accounting Standards Board (IASB), currently referred to by the IFRS

Foundation as "IFRS accounting standards", for the year ended December 31, 2024, including the

Management Report and the corresponding financial and operational information of the Company.

Performance of PPLA Participations

PPLA Participations Ltd. (PPLA Participations), presented a comprehensive result and result close to zero

for the year ended December 31, 2024.

PPLA Participations' financial statements and results reflect its 0.003% stake on December 31, 2024 in the

capital of PPLA Investments, which in turn presented positive results and comprehensive income of R$ 10

million and R$ 1.5 million compared to the third quarter, respectively.

As an investment entity, PPLA Investments has reduced administrative expenses. Therefore, compared to

the third quarter, the result was positive at R$ 10 million in line with the operating result.

Shareholding Structure

Through its wholly-owned subsidiary BTG Bermuda LP Holdco Ltd., PPLA Participations holds a stake

corresponding to 0.003% of PPLA Investments' capital. PPLA Investments' shares are held by PPLA

Participations as a portfolio of investments accounted for at fair value in accordance with IFRS10 –

Consolidated Financial Statements and substantially represent the equity of PPLA Participations (PPLA11).

Investment Entity Portfolio

In fiscal year 2024, the Company's portfolio was represented by the following investments:

a. Beontag consists of a stake in Auto Adesivos Paraná S.A.

b. Other assets in the portfolio of the Merchant Banking segment consist of other smaller investments

in various sectors.

Over the course of the year, Timber Farms were fully liquidated. This asset consisted of investments in

rural properties/land, dedicated to the cultivation of eucalyptus and pines.

PPLA Investments also maintains other private equity assets, under investments designated at fair value

via OCI, which are mainly held through investment funds, these assets closed the year as of December 31,

2024 at R$1.3 million.

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Loan Agreement

On August 30, 2024, PPLA Investments settled approximately R$73 million in loans, with cash resources

and resources from operations with financial assets at fair value through profit or loss.

On December 31, 2024, the parties signed a contractual agreement that includes the extension of the final

maturity of the loan by three months. The other contractual conditions were maintained.

On December 31, 2024, PPLA Investments settled approximately R$137 million of these loans, with cash

resources and resources from operations with financial assets at fair value through profit or loss.

The Company intends and has the ability to take the necessary measures to maintain its capacity for

operational continuity. Plans to reverse this situation depend on the success of the initiatives taken by

Management through the realization of its assets, its ability to settle financial liabilities, in addition to

obtaining new loans through its Controller, if necessary.

Relationship with Auditors

According to CMN Resolution No. 4,910/21, PricewaterhouseCoopers Auditores Independentes Ltda.

does not provide services, other than those expressly related to the external audit function, maintaining

the independence necessary to carry out this activity.

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PPLA Participations Ltd.

Balance sheet

As of December 31, 2024, and December 31, 2023

(In thousands of reais)

Assets

Note

12/31/2024

12/31/2023

Investment entity portfolio

Amounts receivable

Total assets

968

977

1,238

1,247

Liabilities

Other liabilities

Total liabilities

1,238

968

Shareholders' equity

Capital stock and share premium

Other comprehensive income

Accumulated losses

1,504,802

424,134

(1,928,927)

1,504,802

424,134

(1,928,927)

Total shareholders' equity

Total liabilities and shareholders' equity

1,247

977

The accompanying notes are an integral part of these financial statements.

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PPLA Participations Ltd.

Statement of income

Years ending December 31, 2024, and 2023

(In thousands of reais, except profit per share)

Note

12/31/2024

12/31/2023

Gain on investment entity portfolio measured at fair value

Administrative expenses

Other operating income

(904)

904

(2,997)

2,997

Operating profit

Profit / (Loss) for the year

The accompanying notes are an integral part of these financial statements.

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PPLA Participations Ltd.

Statement of comprehensive income

Years ending December 31, 2024, and 2023

(In thousands of reais unless otherwise stated)

12/31/2024

12/31/2023

Profit / (Loss) for the year

(1)

Other comprehensive income / (loss) not to be reclassified to profit or loss:

Movement in investments designated at fair value through other comprehensive

income

(1)

Total comprehensive income

The accompanying notes are an integral part of these financial statements.

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PPLA Participations Ltd.

Statement of changes in shareholders’ equity

Years ending December 31, 2024, and 2023

(In thousands of reais unless otherwise stated)

Total

shareholders'

equity

Accumulated

Capital

1,504,802

Other comprehensive income

losses

(1,928,930)

Balance as of December 31, 2023

Profit for the year

Fair value realization of equity instrument

424,135

(1)

Balance as of December 31, 2023

1,504,802

424,134

(1,928,927)

Balance as of December 31, 2023

1,504,802

424,134

(1,928,927)

Movement in investments designated at fair value through other comprehensive income

Balance as of December 31, 2024

1,504,802

424,134

(1,928,927)

The accompanying notes are an integral part of these financial statements.

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PPLA Participations Ltd.

Statement of cash flows

Years ending December 31, 2024, and 2023

(In thousands of reais unless otherwise stated)

Note

12/31/2024

12/31/2023

Operating activities

Profit / (Loss) for the year

Adjustments to the loss for the year

Loss from investment entity portfolio measured at fair value

Adjusted loss for the semester

(2)

Increase in operating liabilities

Due to brokers

Other liabilities

(270)

270

(462)

462

Cash provided by / (used in) operating activities

Increase / (decrease) in cash and cash equivalents

Balance of cash and cash equivalents

At the beginning of the year

At the end of the year

Increase / (decrease) in cash and cash equivalents

The accompanying notes are an integral part of these Interim Financial Statement.

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PPLA Participations Ltd.

Statement of value added

Years ending December 31, 2024, and 2023

(In thousands of reais unless otherwise stated)

Note

12/31/2024

12/31/2023

Revenues

904

2.997

Others

904

(904)

2.997

(2.997)

Inputs acquired from third parties

Third-party services

Gross value added

Net value added produced by the entity

Value added received from transfer

Gain / (Loss) on investment entity portfolio measured at fair value

Value added to distribute

Distribution of value added

Own capital remuneration

Retained earnings

The accompanying notes are an integral part of these Interim Financial Statement.

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PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

1. Operating context

PPLA Participations Ltd. ("PPLA Participations", "Company" or “PPLAP”) was constituted as a tax

exempted Limited Liability Company under the laws of Bermuda on March 26, 2010. On December 29,

2010, the Bermuda monetary authority approved the constitution of the Company. PPLA

Participations headquarters is located at Clarendon House, 2 Church Street, HM 11, Hamilton,

Bermuda.

The Company has applied for and has been granted exemption from all forms of taxation in Bermuda

until September 30, 2035, including income, capital gains and withholding taxes. In jurisdictions other

than Bermuda, some foreign taxes will be withheld at source on dividends and certain interest

received by the Company.

PPLA Participations (together with BTG Pactual, the “Group”) have units listed on NYSE Euronext in

Amsterdam and B3 in São Paulo. Each unit issued corresponds to 1 class A shares and 2 class B shares

of PPLA Participations Ltd. All units listed and traded in Amsterdam remained wholly interchangeable

with the units in Brazil.

The Company is the sole owner of BTG Bermuda LP Holdco Ltd ("BTG Holdco") which, on December

29, 2010, received a Class C common share from BTG Pactual Management Ltd. and thus became

general partner of PPLA Investments LP. (“PPLA Investments“), previously denominated BTG

Investments LP. As a consequence of this transaction, the Company obtained the right to control the

financial and operating policies of PPLA Investments.

PPLA Investments was formed in 2008 and makes proprietary capital investments in a wide range of

financial instruments, including Merchant Banking investments in Brazil and overseas, and a variety of

financial investments in global markets.

BTG Pactual’s asset management area manages PPLA Investments’ assets and receives fees at arm’s

length.

The Management of PPLA Investments is monitoring the recurring reduction in the Company's

Shareholders' Equity over the last few periods, mainly due to losses arising from negative mark-to-

market in its investment entity portfolio. Reverting the accumulated deficit situation requires a

successful implementation of Management's initiatives through loans - made between the Company

and BTG MB Investments LP (“BTG MB”) - which can be capitalized, if necessary.

Although the deficit picture portraits the existence of a relevant uncertainty that can raise questions

about the Company's operational continuity, management evaluation came to conclude, based on the

aforementioned initiatives, that PPLA Participations has the capacity to continue operating in the next

12 months.

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PPLA Participations Ltd.

Loan Agreement

On June 21st, 2021 PPLAI entered into a Loan Agreement with BTG MB Investments LP ("BTG MB") in

which PPLAI approved a credit line with BTG MB with total amount to BRL750 million, to be disbursed

according to PPLAI request, on dates and amounts of the company loan installments, on the following

dates: June 21st,2021, July 9th, 2021, December 16th, 2021, December 12th, 2022 and December

23th, 2023, with 30 months maturity, starting of June 21st, 2021 and interest rate of 117.3% of CDI to

be applied on each amount disbursed. The agreement does not have on the date of its execution, a

provision that would enable BTG MB to capitalize such credits fully or partially in the corresponding

number of shares (partnership interests) of PPLA Investments, without prejudice to any commercial

agreement to be negotiated on an arm's length basis. Simultaneously with the execution of the

Agreement, PPLA Investments requested the first disbursement to BTG MB in the amount of

approximately BRL90 million, which was made on the same date by BTG MB.

On July 9, 2021, PPLA Investments requested the second disbursement to BTG MB in the amount of

approximately BRL 160 million, which was made on the same date.

On December 16, 2021, PPLA Investments requested the third disbursement to BTG MB in the amount

of approximately BRL 116 million, which was made on the same date.

On November 13, 2023, PPLA Investments settled BRL 142 million of these loans, with cash and

resources arising from operations with financial assets at amortized cost.

On December 21, 2023, the parties entered into a contractual agreement that extends the final

maturity of the loan by one year. The remaining contractual terms were maintained.

On August 30, 2024, PPLA Investments settled approximately BRL 73 million of these loans, with cash

and resources arising from operations with financial assets at fair value through profit or loss.

On December 31, 2024, the parties signed a contractual agreement that includes the extension of the

final maturity of the loan by three months. The other contractual conditions were maintained.

On December 31, 2024, PPLA Investments settled approximately BRL 137 million of these loans, with

cash and resources arising from operations with financial assets at fair value through profit or loss.

The loans corresponding to this Loan Agreement are conducted within the scope of the Company's

initiatives to address its economic and financial situation and PPLA Investments' recurring capital

needs, especially considering the maturity of certain loans and other short-term liabilities.

2. Presentation of Financial Statement

The financial statements have been prepared in accordance with the International Financial Reporting

Standards issued by the International Accounting Standards Board (IASB), currently referred to by the

IFRS Foundation as "IFRS accounting standards".

The items included in the Financial Statement of each of the businesses of the Company are measured

using the currency of the primary economic environment in which the company operates ("functional

currency").

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PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

The Financial Statement for the year ended December 31, 2024 was approved by the Management on

March 14, 2025, and it contains a true and fair view of the financial position and results of the

Company.

Amendments to IAS 7 – Statement of Cash Flow and IFRS 7 – Financial Instruments: Disclosures

issued in May 2023 increasing the disclosure requirements for supplier financing agreements and

their effect on a company’s liabilities, cash flows and exposure to liquidity risk. These amendments

will become effective as of January 1, 2024. The impacts were evaluated and there was no relevant

change.

3. Main accounting practices

a. Use of estimative

The preparation of Financial Statement in conformity with IFRS requires management to make

estimates and assumptions that affect the reported balances of assets, liabilities and disclosure of

contingent assets and liabilities at the date of the Financial Statement, as well as the reported amounts

of revenues and expenses during the year. These estimates are based on historical experience and

various other factors that Management believes are reasonable under the circumstances, the results

form the basis for judgments about carrying values of assets and liabilities, which are not determined

through other sources. The actual results could differ from those estimates.

b. Functional currency and presentation

The Company's functional currency is the real, since most business transactions, especially its

investments, are in this currency.

c. Cash

Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments

redeemable in up to 3 months, subject to an insignificant risk of change in value.

d. Revenue and expense recognition

Net gains with financial instruments

Amounts that arise from trading activity including all gains and losses from changes in the fair value

and the interest and dividend income or expense of financial assets and liabilities held for trading.

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PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

Interest income (expense)

Interest income (expense) is recognized as incurred, using the effective interest rate method. The

interest on financial instruments held for trading are recorded in the statement of income when

applicable.

e. Financial instruments

This section described the accounting practices related to IFRS 9.

Recognition date

All financial assets and liabilities are initially recognized on the trading date, that is, the date on which

the entity becomes an interested party to the contractual relationship of the instrument. This includes

purchases or sales of financial assets or liabilities that require delivery of the asset at a specified time

established by regulation or market standard.

Initial recognition of financial instruments

The classification of the financial instruments at their initial recognition depends on the purpose for

which they were acquired and their characteristics. IFRS 9 classification is generally based on the

business model in which a financial asset is managed and its contractual cash flows. Subsequently to

the IFRS 9 early adoption without electing fair value option, the Company classified its financial assets

as measured at fair value through profit or loss (FVTPL), fair value through other comprehensive

income (FVOCI) with or without recycling or at amortized cost.

Derivatives financial instruments

Derivative financial instruments are recorded at fair value and held as assets when fair value is positive

and as liabilities when fair value is negative. The changes in fair value of derivatives are recognized in

the income statement “Net gains (losses) with financial instruments held for trading”.

Financial assets and liabilities designated at fair value through profit and loss

Financial assets and liabilities classified in this category are those designed as such on initial

recognition. The designation of a financial instrument at fair value through profit or loss on initial

recognition is only possible when the following criteria is observed, and the designation of each

instrument is individually determined:



Designation eliminates or significantly reduces the inconsistent treatment which would occur

in the measurement of assets and liabilities or in the recognition of gains and losses

corresponding to different ways; or



Assets and liabilities are part of a group of financial assets, financial liabilities, or both, which

are managed and with their performance assessed based on the fair value, as a documented

strategy of risk or investment management; or

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)



The financial instrument contains one (or more) embedded derivative(s), which significantly

modifies the cash flows that would otherwise be required by the agreement.

Financial assets and liabilities at fair value through profit and loss are recorded in the balance sheet at

fair value. Changes in the fair value and earned or incurred interest are recorded in “profit and loss”.

Financial assets measured at amortized cost

A financial asset shall be measured at amortized cost if both of the following conditions are met:



The financial asset is held within a business model whose objective is to hold financial assets

in order to collect contractual cash flows and.

The contractual terms of the financial asset give rise on specified dates to cash flows that are

solely payments of principal and interest on the principal amount outstanding.

After initial measurement, financial assets are measured at amortized cost using the effective interest

rate method.

Financial liabilities at amortized cost

Financial liabilities are measured at amortized cost using the effective interest rate method and

considering any discount or premium on issue and relevant costs that become part of the effective

interest rate.

Reclassifications

Financial assets are not reclassified subsequent to their initial recognition, except in the period after

the Company changes its business model for managing financial assets.

Impairment of financial assets

Under IFRS 9, at initial recognition of a debt instrument, the Company needs to project its expected

credit losses for the next 12 months and recognize it as an allowance for credit losses, even though no

losses have yet occurred.

If the Company is expecting a significant deterioration in the credit quality of its counterparty, it should

recognize an allowance equivalent to the lifetime expected credit losses of the instrument, rather than

only the 12 month expected credit losses.

Measurement

Expected credit losses are a probability-weighted estimate of credit losses. They are measured as

follows:



Financial assets that are not credit-impaired at the Report date: as the present value of all cash

shortfalls (the difference between the cash flows due to the entity in accordance with the

contract and the cash flows that the Group expects to receive).

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)



Financial assets that are credit-impaired at the Report date: as the difference between the

gross carrying amount and the present value of estimated future cash flows.

Undrawn loan commitments: as the present value of the difference between the contractual

cash flows that are due to the Group if the commitment is drawn down and the cash flows that

the Group expects to receive; and



Financial guarantee contracts: the expected payments to reimburse the holder less any

amounts that the Group expects to recover.

If the assets are no longer performing (a credit event), despite considering the expected credit losses

for the lifetime of the instrument, the Company should also recognize interest revenue based on the

net carrying amount, which means that the allowance should be accounted for on interest recognition.

The main evidence of deterioration of the credit quality of the counterparty are:



the significant decline in the fair value of any security for a prolonged period.

noncompliance with contract terms for delay of principal or interest.

deterioration in ability to pay and operational performance.

breach of covenants.

notable change in the performance of the counterparty market.

reduced liquidity of the asset due to financial difficulties the lender.

For impairment losses related to debt instruments through other comprehensive income, such losses

will be recognized on the consolidated statements of income against other comprehensive income in

an account called “accumulated impairment amount.” However, if in a subsequent period occur an

increase in the fair value of the financial asset that can be related to any event, the loss previously

considered will be reversed in profit and losses.

The Company is required to reduce the gross carrying amount of its financial instruments when there

is no reasonable expectation of recovering the contractual cash flows on the financial assets on its

entirety or a portion thereof.

f. Valuation of Investment entity portfolio

Within the context of IFRS 10, this entity is treated as an investment entity and therefore it is not

necessary to conduct all the procedures related to the consolidation of investees, as the exception

indicated in this rule. The objective is to earn gains through the management of portfolios and

eventual purchase and sale transactions.

Investment entity portfolio is held at fair value with movements in fair value going through the profit

and loss account. The investments held by BTG Holdco (through BTGI) are defined as underlying

investments. These underlying investments correspond substantially to an investment in global

markets and merchant banking investments which are generally made directly or through ownership

in limited partnership funds. The merchant banking investments are comprised of equity ownerships,

loans and convertible instruments which most of the risk and return are dependent on the fair value

and characteristics of underlying equity. The Company may adjust these values if, in its view, the

values do not reflect the price which would be paid in an open and unrestricted market between

informed and prudent parties, acting at arm's length and under no compulsion to act.

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

Investment entity portfolio is measured according to the fair value measurement hierarchy

described below:

Level 1: Price quotations observed in active markets for the same instrument.

Level 2: Price quotations observed in active markets for instruments with similar characteristics or

based on pricing model in which the relevant parameters are based on observable active market data.

Level 3: Pricing models in which current market transactions or observable data are not available and

require a high degree of judgment and estimation. Instruments in this category have been valued using

a valuation technique where at least one input which could have a significant effect on the

instrument’s valuation is not based on observable market data. Where inputs can be observed from

market data without undue cost and effort, the observed input is used. Otherwise, the Company

determines a reasonable level for the input. The valuation models are developed internally and are

reviewed by the pricing team, which is independent from the revenue generating areas, they are

updated whenever there is evidence of events that could have affected the assets’ pricing. Investment

entity portfolio primarily includes certain limited partnership interests in private equity funds mainly

derived from our merchant banking activities and OTC derivatives which valuation depends upon

unobservable inputs. No gain or loss is recognized on the initial recognition of an investment entity

portfolio valued using a technique incorporating significant unobservable data.

Level 3 valuation assumptions

Asset

Valuation technique

Main assumptions

Market and revenue growth, profitability and

Price of recent investments; Models based on leverage expectations, discount rates, macro-

discounted cash flows or earnings; market economic assumptions such as inflation and

Private Equity Funds (unquoted

investments)

transactions (M&A) multiples.

exchange rates, risk premiums including market,

size and country risk premiums.

Counterpart

recovery rates.

Probability of default and

Derivatives

Standard models and non-bidding quoted

prices

In certain cases, data used to determine fair value may be from the different levels of the fair value

measurement hierarchy. In these cases, the financial instrument is classified in the most conservative

hierarchy in which the relevant data for the fair value assessment were used. This evaluation requires

judgment and considers specific factors of the relevant financial instruments.

Changes in the availability of the information may result in reclassification of certain financial

instruments among the different levels of fair value measurement hierarchy.

g. Financial instruments – Offsetting

Financial assets and liabilities are presented net in the balance sheet if, and only if, there is a current

and enforceable legal right to offset the amounts recognized and if there is the intention to offset, or

to realize the asset and clear the liability simultaneously.

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

h. Contingent assets and liabilities

Provisions are recognized when the Company has a current obligation (legal or constructive), as the

result of a past event and it is probable that an outflow of resources which incorporates economic

benefits shall be required to settle the obligation and a reliable estimate of the amount of the

obligation can be made. The expense related to any allowance is presented in the income statement

net of any reimbursement.

The recognition, measurement and the disclosure of the assets and contingent liabilities and of the

legal are made pursuant to the criteria described below.

Contingent assets - not recognized in the Financial Statement, except when there is evidence that

realization is virtually certain.

Contingent liabilities - are recognized in the Financial Statement when, based on the opinion of legal

advisors and Management, the risk of loss of an action, judicial or administrative is deemed likely, with

a probable outflow of resources to settlement of the obligations and when the amounts involved can

be reasonably measured. Contingent liabilities classified as possible losses by the legal advisors are

only disclosed in explanatory notes, while those classified as remote losses are neither provided for

nor disclosed.

i. Profit allocation

The dividends are classified as liabilities when declared by the board and approved by the

Extraordinary / Ordinary General Meeting.

j. Segment information

IFRS 8 requires that operating segments are disclosed consistently with information provided to the

Company’s chief operating decision maker, who is the person or group of persons that allocates

resources to the segments and assesses their performance. Management understands the Company

has only one segment, which is related to the company’s an investment activity and so no segment

information is disclosed.

k. Invested companies

Below is the ownership interest held by PPLA Investments in its Indirect subsidiaries:

Equity interest - %

Country

12/31/2024

12/31/2023

Indirect subsidiaries

Timber XI SPE S.A.

Timber IX Participações S.A.

Timber XII SPE S.A.

Brazil

7.77

7.84

100.00

4.40

Fazenda Corisco Participações S.A.

BTG Pactual Santa Terezinha Holding S.A.

Timber VII SPE S.A.

BTGI VII Participações S.A.

BTGI VIII Participações S.A.

Hárpia Omega Participações S.A.

Latte Saneamento e Participações S.A.

Auto Adesivos Paraná S.A.

11.17

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

4. Risk management

The Company’s risk management involves several levels of our management team and various policies

and strategies. The structure of the Company’s committees allows engaging the whole organization

and ensuring decisions are readily implemented.

The main committees/meetings involved in risk management activities are: (i) Management meeting,

which approves policies, defines overall limits and, alongside with the other committees, monitors the

management of our risks; (ii) Compliance Committee, which is responsible for establishing policy rules

and report potential problems related to money laundering.

a. Market risk

The Company evaluated and will continue to evaluate and measure the performance of substantially

all of its fair value investment portfolio and, therefore, there was no significant change in the risk

management structure.

b. Credit risk

The following table shows the maximum exposure of the investment entity portfolio by geographic

region:

12/31/2024

Brazil

Others

Total

Assets

Investment entity portfolio

Financial assets at amortized cost (i)

Total

12/31/2023

Others

Brazil

Total

Assets

Investment entity portfolio

Financial assets at amortized cost (i)

Total

(i) The amount basically corresponds to loans to partners.

The table below states the maximum exposures to credit risk of the investment entity portfolio,

classified by the counterparties’ economic activities:

12/31/2024

Companies

Individuals

Others

Total

Assets

Investment entity portfolio

Financial assets at amortized cost

Total

12/31/2023

Individuals

Total

Assets

Investment entity portfolio

Financial assets at amortized cost

Total

c. Liquidity analysis and risk

As of December 31, 2024, and December 31, 2023, the Company does not have any cash or cash

equivalents. And there is no fixed maturity for the discounted cash flows for the investment entity

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

portfolio of the Company. The following table shows the Investment entity portfolio’s liquidity

position as of December 31, 2024, and December 31, 2023:

12/31/2024

Up to 90 days / No

maturity

90 to 365

days

1 to 3

years

Over 3

years

Total

Assets

Investment entity portfolio

Financial assets at amortized cost

Liabilities (i)

(4)

Total

12/31/2023

Up to 90 days / No

maturity

90 to 365

days

1 to 3

years

Over 3

years

Total

Assets

Investment entity portfolio

Financial assets at amortized cost

Liabilities (i)

(9)

Total

(i)

The amounts refer basically to loans to partners.

5. Investment entity portfolio

The Interim Financial Statement of PPLA Investments (“PPLAI”) for the period ended December 31,

2024, were reviewed by independent auditors who issued an opinion report on March 14, 2025,

without modification, presenting a section of relevant uncertainty related to operational continuity.

As of December 31, 2024, PPLA Investments' equity is BRL 334,162 (December 31, 2023 – 325,109)

due to results with the investment entity portfolio. PPLA Participations marked its investment in PPLA

Investments at BRL 9 on December 31, 2024 (BRL 9 – December 31, 2023), considering the percentage

of interest held by the Company of 0.003% (December 31, 2023 – 0.003%). PPLA P does not have

contractual commitments with the liabilities of its investees.

PPLA Participations values its investments at fair value, in accordance with the accounting’s standards

of PPLA Investments.

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

The relevant figures of the PPLA Investments investment portfolio, as of December 31, 2024, and

December 31, 2023, are presented below:

Note

12/31/2024

12/31/2023

Assets

Cash and cash equivalents

Investment entity portfolio

Investments at fair value through other comprehensive income

Financial assets at amortized cost

Other assets

(a)

(b)

(c)

(d)

4,337

459,462

1,348

32,111

6,501

610,757

13,945

25,170

947

Total

Liabilities

Financial liabilities at amortized cost

Other liabilities

Total

497,258

657,320

(e)

160,000

3,096

163,096

330,847

1,364

332,211

Shareholders' equity

Total liabilities and shareholders' equity

334,162

497,258

325,109

657,320

(a) Cash

This item is composed exclusively of bank deposits with immediate liquidity.

(b) Investment entity portfolio

As of December 31, 2024

Fair value

As of December 31, 2023

Fair value

Merchant Banking investments

Private equity funds ("FIP")

Subsidiaries, associates and jointly controlled entities

Others (1)

410,473

408,273

2,200

562,674

421,878

140,796

48,083

48,989

Total

459,462

610,757

(1) Includes financial assets and liabilities entered into by Company subsidiaries.

(i) Merchant Banking investments

Merchant Banking investments consist of investments, held directly or through investment

vehicles (including funds that also include third party investors), in a diversified group of portfolio

companies primarily located in Brazil. Merchant Banking investments are structured generally

through privately negotiated transactions with a view to divest in four to ten years.

As of December 31, 2024, and December 31, 2023, PPLA Investments Merchant Banking

investments corresponds to private equity and real estate investments, through FIP or other

investment vehicles, as disclosed below:

12/31/2024

12/31/2023

Fair

value

Merchant Banking investments

Through FIPs:

Description/Segment activity

(%) (1)

Fair value

(%) (1)

Adhesives, labels and special paper

company

Beontag

11.17%

408,273

11.17%

421,878

Through subsidiaries, associates and jointly controlled entities:

Timber XI SPE S.A.

Timber IX Participações S.A.

Timber XII SPE S.A.

BTG Pactual Santa Terezinha Holding S.A.

Fazenda Corisco Participações S.A.

Timber VII SPE S.A. (2)

Biological assets

Others

7.77%

7.84%

2,535

14,854

55,063

10,295

12,504

43,345

2,200

Loans - Merchant Banking investments

2,200

Total

410,473

562,674

(1) The equity interest disclosed in the table above refers to the Company indirect interest.

(2) In 2024, there was a sale of all of Timber XI SPE S.A., Timber IX Participações S.A., Timber XII SPE S.S., BTG Pactual Santa Terezinha Holding S.A., Fazenda Corisco Participações S.A.

e Timber VII SPE S.A. shares. This event is part of the divestment process that PPLAI has been conducting and the receipt will subsequently occur through the vehicle that holds the

asset.

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

Fair value Hierarchy

The summary of assets and liabilities classified in accordance with the fair value hierarchy is as follows:

12/31/2024

Level 1

Level 2

Level 3

Total

Investment entity portfolio

Merchant Banking investments

Private equity funds

Subsidiaries, associates and jointly controlled entities

Others

Total

408,273

2,200

48,989

2,200

48,989

51,189

408,273

459,462

12/31/2023

Level 1

Level 2

Level 3

Total

Investment entity portfolio

Merchant Banking investments

Private equity funds

Subsidiaries, associates and jointly controlled entities

Others

Total

2,200

48,083

421,879

138,595

421,878

140,796

48,083

50,283

560,474

610,757

PPLA Investments presents part of its investment entity portfolio as investments designated at fair

value through other comprehensive income, as described below:

As of December 31, 2024

Fair value

As of December 31, 2023

Fair value

Merchant Banking investments - FIP

1,348

13,945

Total

1,348

13,945

(i) Merchant banking investments - FIP

As of December 31, 2024, and December 31, 2023, PPLA Investments Merchant Banking investments

corresponds to private equity and real estate investments, through FIP, as disclosed below:

12/31/2024

12/31/2023

Fair

value

5,831

Merchant Banking investments

A!Bodytech Participações S.A. (2)

Latte S.A. (2)

Description/Segment activity

(%) (1)

Fair value

(%) (1)

Fitness segment

Waste collection, treatment and

disposal

10.5%

15.7%

3,949

Others

1,348

4,165

Total

1,348

13,945

(1)

(2)

The equity interest disclosed in the table above refers to the Company indirect interest.

On 2024, there was a sale of all of Bodytech and Latte S.A. shares. This event is part of the divestment process that Company has been conducting.

Fair value hierarchy

The summary of assets and liabilities classified in accordance with the fair value hierarchy is as follows:

12/31/2024

Level 1

Level 2

Level 3

Total

Investments at fair value through other comprehensive income

Merchant Banking investments - FIP

Total

1,348

12/31/2023

Level 2

Level 1

Level 3

Total

Investments at fair value through other comprehensive income

Merchant Banking investments - FIP

Total

4,165

9,780

13,945

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

(d) Financial assets at amortized cost

12/31/2024

12/31/2023

Partners (i)

32,111

25,170

Total

32,111

25,170

(i)

Loans granted by PPLA Investments are indexed to DI or SOFR, and the maturity is in general higher than one year. Loans to partners are provided in connection with the acquisition

of shares in BTG Pactual Group and are considered as related parties at PPLA Investments – note 13.

As of December 31, 2024, and December 31, 2023, the fair value attributed to the loans and

receivables is similar to its amortized cost.

(e) Fair value Hierarchy

(i) Summary of Fair Value Techniques

There was no change in fair value techniques in relation to the financial projections for the year ended

December 31, 2023.

(ii) Reclassification between levels

During the year held on December 31, 2024, and year ended December 31, 2023, there was no

reclassification between levels and fair value position.

6. Amounts receivable

As of December 31, 2024, the item refers in its entirety to amounts receivable from the Company's

investee entities in the amount of R$1,238 (R$968 - December 31, 2023).

7. Other liabilities

On December 31, 2024, the item refers in its entirety to amounts payable related to the BDR program

in the amount of R$ 1,238 (R$ 968 - December 31, 2023).

8. Shareholders’ equity

a. Capital

As of December 31, 2024, and December 31, 2023, the Company’s capital was comprised by the

following class of shares:

Authorized

5.000.000.000

Issued

Par value (BRL)

Voting rights

Vote per share

Class A (i)

Class B (i)

Class C

938.222

Yes

10.000.000.000

1.876.444

(*)

Class D

1.000.000.000

0,0000000001

Yes

Total

16.000.000.001

2.814.667

(*) Class C shareholders hold voting rights equivalent to ten times the total number of issued and subscribed A and D Class shares at any moment.

(i) Only class A and class B shareholders are entitled to economic benefits.

Docusign Envelope ID: FE127A44-01C2-4F7E-874C-EBEF7D455629

Docusign Envelope ID: 876A409F-110F-4510-9DFE-B9E064A0067A

PPLA Participations Ltd.

Notes to the Interim Financial Statements

December 31, 2024

(In thousands of reais)

b. Dividends

The Company did not distribute dividends during the years ended December 31, 2024, and 2023.

9. Profit / (Loss) per share

12/31/2024

12/31/2023

Profit / (Loss) for the year

Weighted average per thousand shares outstanding during the year

Profit / (Loss) per share - basic and diluted (in reais)

2,815

0.0007

2,815

0.0007

10. Gain / (Loss) from investment entity portfolio measured at fair value

through profit or loss

12/31/2024

12/31/2023

Gain on investment entity portfolio

Total

11. Administrative expenses

In the years ended December 31, 2024, and 2023, the item is composed exclusively of custodial

expenses, due to the Company’s BDR program.

12. Other operational income

In the years ended December 31, 2024, and 2023, the item is composed exclusively of amounts

regarding reimbursed from subsidiaries.

13. Related Parties

Assets (Liabilities)

12/31/2024 12/31/2023

Revenues (Expenses)

12/31/2024 12/31/2023

Relationship

Assets

Amounts receivable

- PPLA Investments LP

Controlled entities

1,238

968

904

2,997

No management compensation was recorded during the years ended December 31, 2024, and 2023.

The total compensation paid to Key Management Personnel for the year ended December 31, 2024,

was BRL 278 (December 31, 2023 – BRL 307).

UNANIMOUS WRITTEN RESOLUTIONS OF

BOARD OF OFFICERS OF

PPLA PARTICIPATIONS LTD.

("Company")

DELIBERAÇÕES UNÂNIMES DA

DIRETORIA EXECUTIVA DA

PPLA PARTICIPATIONS LTD.

("Companhia")

Presence and Appointment:

Presença e Indicação:

The meeting was held at Praia de Botafogo, nº 501, A reunião foi realizada na Praia de Botafogo, nº

5th Floor, in the City and State of Rio de Janeiro, 501, 5º Andar, na Cidade e Estado do Rio de

Brazil, on March 10th, 2025 at 10:30 a.m.

Janeiro, Brasil, em 10 de março de 2025, às 10:30

horas.

José Octavio Mendes Vita and Gustavo do Santos José Octavio Mendes Vita e Gustavo do Santos

Vaz are all of them members of the Board of Officers Vaz são todos os membros da Diretoria Executiva

of the Company. José Octavio Mendes Vita was da Companhia. José Octavio Mendes Vita foi

appointed chairman of the meeting and Gustavo do indicado como presidente e Gustavo do Santos Vaz

Santos Vaz was appointed as secretary.

foi indicada como secretário.

2. Notice:

2. Convocação:

The chairman noted that all the officers of the O presidente destacou que todos os Diretores

Company were present in person and had agreed estavam presentes pessoalmente e concordaram

to waive notice of the meeting. Accordingly, the em dispensar a convocação da reunião. Dessa

chairman declared the meeting duly constituted.

forma, o presidente declarou a reunião como

devidamente instalada.

Corporate Resolutions:

Deliberações:

DO HEREBY UNANIMOUSLY CONSENT to state OS DIRETORES CONSENTIRAM, DE FORMA

pursuant to sections V and VI, paragraph 1, article UNÂNIME, em declarar, nos termos dos incisos V e

27 of Rule No. 80, issued by the Brazilian Securities VI, parágrafo 1º, artigo 27, da Instrução Normativa

and Exchange Commission on March 29th, 2022, nº 80, editada pela Comissão de Valores Mobiliários

that:

em 29 de março de 2022, que:

(i)

have reviewed, discussed and agreed with (i) reviu, discutiu e concorda com as

the financial statements of PPLA Participations Ltd. demonstrações financeiras da PPLA Participations

for the fiscal period ended on December 31th, 2024, Ltd., relativas à data base de 31 de dezembro de

prepared in accordance with international 2024, elaboradas de acordo com o padrão

standards, according to pronouncements issued by internacional, conforme os pronunciamentos

the International Accounting Standards Board emitidos pelo International Accounting Standards

(IASB), and

Board (IASB); e

(ii) have reviewed, discussed and agreed with (ii)

reviu, discutiu e concorda com a opinião

the revision expressed in the independent auditors expressa na revisão dos auditores independentes

report with regards to the review of the financial sobre a revisão das demonstrações financeiras da

statements of PPLA Participations Ltd. for the fiscal PPLA Participations Ltd., relativas ao período findo

period ended on December 31th, 2024, prepared in em 31 de dezembro de 2024, elaboradas de acordo

accordance with the international standards, as com

pronouncements issued by the International pronunciamentos emitidos pelo International

Accounting Standards Board (IASB). Accounting Standards Board (IASB).

padrão internacional, conforme os

Conclusion:

Conclusão:

There being no further business, the meeting was

concluded and in witness thereof, this document

was drawn and signed as follows.

Não havendo mais assuntos, a reunião foi

concluída e em testemunho de que, este

documento foi lavrado, assino conforme segue.

March 10th, 2025.

10 de março de 2025.

Gustavo do Santos Vaz

- Secretary -

- Secretário -

Conformity statement pursuant to section 5:25c paragraph 2(c) of the Dutch Financial

Supervision Act (Wet op het ﬁnancieel toezicht).

As required by section 5:25c paragraph 2(c) of the Dutch Financial Supervision Act, each of the

signatories hereby conﬁrms that to the best of his knowledge:

•

the PPLA Participations Ltd. 2024 ﬁnancial statements give a true and fair view of the

assets, liabilities, ﬁnancial position and proﬁt or loss of PPLA Participations Ltd.; and

the PPLA Participations Ltd. 2024 annual report gives a true and fair view of the position

at the balance sheet date, the development and performance of the business during the

ﬁnancial year 2024 of PPLA Participations Ltd..

March 14, 2025

Board of Oﬀicers

José Octavio Mendes Vita

Gustavo do Santos Vaz

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