Diario | Latin America

Research evidence excerpt

Diario | Latin America

ect security(ies) and subject

company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views

expressed in this research report.

I, Pedro Baptista, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or

views expressed in this research report.

I, Antonio Pedro Cardoso, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject

security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific

recommendations or views expressed in this research report.

Registration of non-US analysts: Diego Sarmento Pereira is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not

registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore

may not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held

by a research analyst.

Registration of non-US analysts: Alejandro Anibal Demichelis is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/

qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may