Slides
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February, 2026 #Cubatão UNIPAR CARBOCLORO S.A. Picture: Company Archive BTG Pactual CEO Conference Brazil 2026
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5. Financial Performance Agenda 1. About Unipar 2. Business Description 4. Investments 3. Governance 2
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1. About Unipar#Santo André Picture: Company Archive
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With a presence in Brazil and Argentina, Unipar is the leading producer of chlorine and caustic soda and the second largest producer of PVC in South America Company seeks to continuously growth its business reducing the environmental impact thought its operation, promoting partnerships for the self-production of clean renewable energy Public listed Company in B3, compliant with the governance standards and transparency R$ 5.5 billion Revenue 3Q25 ltm Utilization Rate of the Installed Capacity (Electrolysis) – 3Q25 Consumption of self- produced energy in Brazil – 3Q25 average GEOGRAPHICAL POSITION R$ 1.4 billion EBITDA 3Q25 ltm R$ 1.7 billion Cash Position Sep/25 1.12x Net Debt/EBITDA September 2025 4 About Unipar 77%
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Consistent Growth Consolidation of the Business Model Increasing Efficiency and Sustainability Strategy More than 50 years of history in chemical sector 2017 1st OPA in Argentina (87.8% control of Unipar Indupa SAIC) 1969 2016 2020 Creation of União Participações Industriais Ltda. Complexo Industrial with Petroquímica União and Carbocloro Conclusion of the Solvay Group transaction and acquisition of 70.6% of Solvay Indupa in Argentina (Unipar Indupa SAIC) Conclusion of the creation of JV with AES Brasil (Auren) – Tucano Wind Complex 1971 2013 2021 Registered as a Publicly Listed Company 100% acquisition of Carbocloro and change of corporate purpose and name to Unipar Carbocloro S.A 1996 2009 2022 Foundation of Rio Polímeros Sale of Quattor, Unipar Comercial and Polibutenos 2000 2023 Spin-off of Poliolefinas and creation of Polietilenos União 2007 Acquisition of stake in Petroquímica União 2008 Creation of Quattor Participações 20182019 - Domestic Long-T erm Rating of ‘AA-(bra) Fitch Ratings - 1st Investor Day - JV with AES Brasil - OPA in Argentina with delisting - Upgrade Domestic Long- T erm Rating of ‘AA(bra) Fitch Ratings 2024 - Partnership with Atlas Renewable Energy (Engie) - Upgrade Domestic Long- T erm Rating of ‘AA+(bra) by Fitch Ratings - JV with AES Brasil (Auren) – Cajuína - New plant in Bahia State - Release of the 1st Sustainability Report and Sustainability Strategy - Beginning of energy self- generation - 2nd Sustainability Report - Announcement of the technology replacement project Cubatão/SP - Start of the technology change at Cubatão plant with BNDES financing - Start of operation Camaçari/BA - 3rd Sustainability Report 5 2025 - 10th Debenture Issue R$ 900 million
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6th Largest Producer of Chlorine/Soda in Americas* Largest Producer of Chorine/Soda in South America* 7th Largest Producer of PVC in Americas 2nd Largest Producer of PVC in South America Consolidated in the Production of Chemical Products Resilience and differential for being strategically positioned 6 *Tons of chlorine/year. | In September 2025, Braskem announced that the factory had been converted into a logistics unit. Source: CMA / 2024 3,9 2,7 2,1 1,4 0,9 0,7 Olin Westlake Occidental Shintech Formosa Unipar 0,7 0,4 0,4 0,2 0,1 0,1 Unipar Braskem¹ Dow Quimpac Transclor Chlorum 3,3 2,6 1,7 1,4 1,3 0,7 0,5 Shintech Westlake Occidental Formosa Orbia Braskem Unipar 0,7 0,5 0,5 0,1 Braskem Unipar Orbia Others 6
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2. Business Description #Santo André Picture: Company Archive
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NaOH NaClO Cl2 EDC C2H4Cl2 HCl H2 Caustic soda Chlorine Hydrogen Hydrochloric acid Ethylene Dichloroethane VC C2H3Cl PVC (C2H4Cl)n Vinyl chloride Polyvinyl chloride Energy Salt Water Petrochemical Complex C2H4 How we make chemistry happen 8 Sodium hypochlorite Electrical Energy ✓ Increase in the consumption of self- produced energy in Brazil to 63% (3Q25 average) ✓ Competitiveness in self-production (lower charges) ✓ Long-term contracts with top-tier operators Salt ✓ Multi-year contracts with proven capacity and reliable performance suppliers in Brazil and Chile ✓ Proprietary operation in Argentina, in competitive bases Ethylene ✓ Multi-year contracts with leading suppliers in Brazil and Argentina ✓ Physical/logistics proximity with suppliers and long-term partnership 86% (3Q25) of the Variable Cost is composed of ethylene, gas/steam, electricity and salt
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Operational Excellence ELECTROLYSIS UTILIZATION RATE OPERATIONAL EXCELLENCE AND RESILIENCE STAND OUT AS A DIFFERENTIAL 9 Reliable and competitive operation Picture: Company Archive 9 88% 90% 87% 85% 86% 82% 80% 64% 76% 73% 77% 66% 74% 67% 2021 2022 2023 2024 1Q25 2Q25 3Q25 Brazil Argentina 82% 86% 84% 82% 82% Consolidated Note: from 1Q25, includes the Camaçari/BA plant 80% 77%
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Main Products and applications Produced through the electrolysis process Chlorine 22% of the 9M25 Net Revenue Caustic Soda 40% of the 9M25 Net Revenue Salt Water Energy+ + Produced by combining Chlorine and Ethylene PVC 38% of the 9M25 Net Revenue Sanitation 44% Hygiene and Cleaning 21% Pulp and Paper 5% Chemical and Petrochemical 7% Steel 8% Food 7% Pulp and Paper 23% Steel 6% Food 13%Hygiene and Cleaning 9% Chemical and Petrochemical 16% Aluminum 7% Civil Construction / Compounds 61% Laminates 21% + EthyleneChlorine Diversification of Clients and Segments in more than 30 industries Diversification of sales between different sectors, ensuring resilience to Unipar's sales profile Global Brazilian clients renowned in their segments and with expansion projects Supply to expanding sectors in Brazil, such as sanitation through the legal framework 10 Chemical and Petrochemical 9% Films 2% Others 8% Others 26% Others 7%
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Global Pact (UN) Joining the largest global sustainable initiative (2023) Great People Mental Health Achievement of GPMH certification (2024-2025) Sustainability Unipar’s Sustainability Strategy Sustainability is part of Unipar's mission, values and strategy, which in turn aims to be an agent of transformation for a more sustainable world. The strategy is anchored by the UN Sustainable Development Goals (SDGs), based on the Unipar’s materiality matrix that was constructed with all main stakeholders and presents short, medium and long-term environmental, social and governance commitments and ambitions. Environment Natural Heritage Private Reserve Preservation of 10 million m² of native forests and 650 thousand m² of green areas Social Social, sports, educational and cultural projects (volunteerism) Conselho Comunitário Consultivo (CCC) Fábrica Aberta (plant open to society) Development of people, health and safety Governance 1ˢᵗ company signatory to Abiquim’s Responsible Operation Program Unipar has codes and policies on good management practices ISO 14001 - certified units Public Commitment and Good Practices 11Source: The Company Awards and Recognition Unipar’s Main Objectives COMMITMENTS 2025 – 2030 (CO2 Emission and Water Use) Reduce CO2 emissions by 10% scopes 1 and 2 by 2025 and 30% until 2030 Migrate to 60% renewable energy by 2025 15% reduction in the intensity of water use, with 15% reuse by 2030 65% of the volume of products manufactured with renewable electric energy by 2025 Develop sustainable solutions in the areas of energy and emissions by 2030 MSCI ESG Ratings Upgraderating from BBB to A (2025) Great Place to Work Achievement of GPTW certification (2022-2025) Brazilian Office of the Comptroller Genreal (CGU) Recognition as a Pro-Ethics company by CGU
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3. Governance #Santo André Picture: Company Archive
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Vila Velha S.A. Adm. e Participação1 Unipar Indupa S.A.I.C 96.2% Lar do Sol I, II e III2 10.0%3 Tucano Holding III2 50.0% Unipar Participaciones SAU 100.0% Solalban Energia S.A 58.0% Unipar Indupa do Brasil S.A. 100.0% Veleiros Holdings2 10.0%3 ON: 60.0% | PN: 5.6% Total: 24.4% 1Includes participation through Shareholders’ Agreement and indirect stake 2 Self-generation of energy (companies not controlled by Unipar) 3Unipar's economic rights and the amount (in reais) paid by it into the companies' share capital, under the terms of the shareholder agreements, represent the percentage of 10% 4includes 0.2% of ON shares and 1.3% of PN share in Treasury Data base December 2025 13 Listed company since 1971Governance Shareholders’ Structure Free Float ON: 40.0% | PN: 94.4% Total: 75.6%
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composed by 4 independent members* Board of Directors Fiscal Council Audit Committee Ethics Committee Board od Directors and Committees Bruno Soares Uchino Luiz Barsi Filho* João G. de Andrade Só Consiglio* Sérgio Machado Terra Vitor M. Cavalcanti Mallmann* Louise Barsi* Chairman Vice-Chairman Board Member Board Member Board Member Board Member Commercial Director Rodrigo Cannaval Alexandre Jerussalmy Chief Executive Officer Chief Financial and RI Officer Industrial Director Executive Board Alexandre Castro • At Unipar since 2020 as Executive Industrial Director and elected CEO in April/2024 • At Unipar since April/2024 as Executive Director of Finance and Investor Relations. • At Unipar since 2020, serving as Business Director and PVC Commercial Director and elected CCO in February/2024 Ricardo Congro • At Unipar since August/2024 as Executive Industrial Director Reports to the Board of Directors 14 Human Resource Director Rogerio Machado • At Unipar since November/2025 as Executive Director of Human Resource
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4. Investments #Santo André Picture: Company Archive
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PHASE-OUT PROJECT IN CUBATÃO (SÃO PAULO) FOCUS: MIGRATION OF ELECTROLYSIS TECHNOLOGY TO “STATE-OF-THE-ART” ✓ Replacement of mercury and diaphragm electrolysis technologies with membrane technology - state-of-the-art and maximum ecoefficiency ✓ ~18% lower energy consumption, ~150 t/year lower solid waste generation and reduction of ~70,000 t/year in Greenhouse Gas Emissions ✓ Completed in December 2025 + other strategic projects aimed at operational efficiency and higher added value of the products are in progress 16 EMULSION PVC PROJECT SANTO ANDRÉ (SÃO PAULO) FOCUS: INCREASE IN THE EMULSION PVC PRODUCTION ✓ Increased capacity to produce Emulsion PVC with higher added value vs. Suspension PVC (+6,000 t/year) ✓ Project falling under REIQ for investments ✓ Expected conclusion: 1st quarter of 2026 Investments & Growth Strategic projects and structuring investments for the future RENEWABLE ENERGY ✓ 100% of all energy that supplies factories in Brazil will be from renewable sources by 2025, with 80% being self-produced ✓ Reduction of the carbon footprint in line with the sustainability goal ✓ Green products ✓ 100% of Equity Unipar in the 3 projects has already been invested in 2022 Wind Complex Tucano Location: Tucano, Biritinga e Araci (BA) Partnership with: Auren Installed Capacity: 155 MW PPA Unipar: 20 years Supply Contract: 69 MW Solar Complex Lar do Sol Wind Complex Cajuína Location: Lajes, Pedro Avelino, Angicos e Fernando Pedroza (RN) Partnership with: Auren Installed Capacity: 91 MW PPA Unipar: 20 years Supply Contract : 41 MW Location: Pirapora (MG) Partnership with: Engie Brasil Installed Capacity: 239 MW PPA Unipar: 20 years Supply Contract: 49 MW 8th ELECTROLYZER IN SANTO ANDRÉ (SÃO PAULO) FOCUS: COMPETITIVENESS AND FLEXIBILITY IN CHLORINE ALLOCATION (BETWEEN CHLORINATES AND VINYLS) ✓ Capacity increase of 28,000 tons/year of chlorine (~ +15% Santo André production) ✓ Balance between market demand and supply capacity ✓ Operations are expected to start in 2nd half of 2026
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5. Financial Performance#Santo André Picture: Company Archive
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18 Highlights 3Q25 External challenges offset by a resilient business model Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects. | Note (2): Recurring Adjusted EBITDA in 2Q25 excludes proceeds from the arbitration process. Challenges faced in the quarter include: ▪ Persistent downcycle, with 5% drop in international PVC reference, and 11% increase in the caustic soda reference vs. 2Q25 ▪ Pressure from imported PVC in Brazil, especially from Colombia and Egypt ▪ ONS curtailment on self-generated electricity remained high (17% in 3Q25 vs. 22% in 2Q25) ▪ Domestic market in Argentina remains subdued amid the country’s macroeconomic reforms R$266 million vs R$233 million 3Q24 ∆ 3Q24 +14% Net Income 3Q25 R$107 million vs R$119 million 3Q24 ∆ 3Q24 -10% 23% vs 17% 9M24 Recurring EBITDA Margin 3Q25 20% vs 17% 3Q24 Cash Position R$1.7 billion 47-month coverage Average Term 76 months 90% after 2029 1.12x vs 0.77x 3Q24 Leverage R$269 million vs R$294 million 3Q24 Operating Cash Generation 3Q25 R$927 million vs R$610 million 9M24 ∆ 9M24 +52% Highlights: ▪ Sales portfolio concentrated in Chemicals (60% of 3Q25 net revenue and 84% of total sales volume) ▪ Sales mostly in local markets of Brazil and Argentina (92% of net revenue in 3Q25) ▪ Debt restructuring, with extended maturities and lower cost Economic and Financial Performance Recurring Adjusted EBITDA 3Q25 Recurring Adjusted EBITDA 9M25 Recurring EBITDA Margin 9M25 Liquidity Management and Debt Profile – September/2025
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19 Operating Highlights Quarterly revenue impacted by lower international prices for Caustic Soda and PVC Focus on production and sale of chlorine products: not exposed to the petrochemical cycle, higher added value, and differentiated scale of Unipar Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects. PVC Price 3Q25 x 2Q25: -5% Caustic Soda Price 3Q25 x 2Q25: -11% 1,036 1,043 1,039 2,842 3,147318 270 271 806 839 3Q24 2Q25 3Q25 9M24 9M25 1,354 1,313 1,310 0% Brazil Argentina ADJUSTED NET REVENUE 3Q25 x 2Q25 ✓ Higher sales volume in 3Q25 (+7% for caustic soda and +4% for PVC) ✓ Reduction in international reference prices for caustic soda (-11%) and PVC (-5%) ✓ Negative effect of the exchange rate variation in Brazil (BRL/USD -4%) ✓ Increase in international reference price for caustic soda (+14%) and reduction in PVC (-13%) ✓ Higher sales volume of chlorinated products in Brazil (+3% with the startup of the Camaçari plant) ✓ Positive effect of the exchange rate variation in Brazil (BRL/USD +8%) 9M25 x 9M24 3,648 3,986 +9% (In R$ million)
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20 Operating Highlights Operational excellence and discipline in fixed costs – COGS under control Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects. Variable Costs 74% Fixed Costs 21% Depreciation 5% Variable Costs 74% Fixed Costs 21% Depreciation 5% EVOLUTION OF ADJUSTED COGS 2Q25 3Q25 R$919 millionR$904 million 86% of the Variable Cost is composed of: ▪ ETHYLENE + GAS/STEAM (51%) ▪ ELECTRICITY + SALT (35%) 3Q25 x 2Q25 In 3Q25, COGS was pressured by: ✓ Increase in the average price of ethylene contracted by Unipar (+3%) ✓ Higher sales volume of caustic soda and PVC (+7% and +4%, respectively) Offset by: ✓ Lower curtailment percentage (17% vs. 22%) ✓ Depreciation of the Argentine peso vs. USD (+16%) ✓ Fixed cost reduction initiatives – mainly in Argentina ✓ Operational excellence demonstrated through technical coefficients
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Evolution of EBITDA and Margin Resilient ebitda margin amid challenging petrochemical cycle 21 Note (1): Unipar’s consolidated financial results are impacted by the effects of inflation in Argentina and foreign exchange variation of the Argentine peso, under the application of the IAS 29 (adjustment for hyperinflation) accounting standard and conversion process of Unipar Argentina’s financial statements. Comparisons are managerial (“adjusted”) and exclude these effects | Note (2): Recurring Adjusted EBITDA in 2Q25 excludes proceeds from the arbitration process. 233 266 (11) 44 Recurring Adjusted 3Q24 EBITDA Volume Effect Contribution Margin, Foreign Exchange, Others Recurring Adjusted 3Q25 EBITDA ✓ Higher volumes of caustic soda and chlorinated products offset 15% lower PVC sales (pressure from imports) ✓ Fixed cost reduction through organizational restructuring and general initiatives 3Q24 x 3Q25 17% 20% 306 266 0 (40) Recurring Adjusted 2Q25 EBITDA Volume Effect Contribution Margin, Foreign Exchange, Others Recurring Adjusted 3Q25 EBITDA ✓ Negative impact from currency appreciation in Brazil (cash flow mostly linked to USD) ✓ Reduction in international reference prices for caustic soda and PVC (11% and 5%, respectively) 2Q25 x 3Q25 23% 20% (In R$ million) +14% -13%
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22 SHAREHOLDER REMUNERATION Net Income and Remunaration Recurrence of positive net results EVOLUTION OF NET INCOME Non-recurring positive effect from the arbitration process Net margin of 13% in 9M25 155 125 107 264 382107 107 3Q24 2Q25 3Q25 9M24 9M25 232 293 (In R$ million) Net Income ∆ 9M24 +85% 9M25 repurchase shares 1.2 million shares repurchased (~R$63 million) ✓ Consistent dividend distribution and share buybacks, maintaining financial soundness Distribution of dividends Non-recurring effect of the arbitration process 489 (In R$ million) 349 448 1.350 2023 2024 2025
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Financial Performance Adjusted Net Revenue1 9M25: R$3,986 million 2024: R$5,082 million Adjusted EBITDA and Margin1 9M25: R$1,023 million | 26% 2024: R$1,083 million | 21% Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ million) Net Income (R$ million) 1Unipar’s consolidated financial results were strongly impacted by the effects of inflation in Argentina and the depreciation of the Argentine peso, according the accounting standard IAS 29 (hyperinflation accounting) and process of converting the financial statement of Unipar Argentina. The comparisons are managerial (“adjusted”) and exclude these effects. 2Non-recurring events: adjustment of the acquisition price of Unipar Indupa SAIC and credit recognition related to ICMS exclusion processes from the PIS/COFINS calculation base; 1H25: receipt of arbitration proceedings Source: The Company Dividends Paid (R$ million) Resilient and profitable company through its capital structure Net Income and Dividends Quarterly Net Profit for 22 consecutive quarters Uninterrupted payment of dividends for 12 years Recurring Adjusted EBITDA and Margin2 9M25: R$927 million | 23% 2024: R$953 million | 19% 23 2.780 4.335 5.183 3.402 4.171 3.082 1.088 1.954 2.087 1.495 1.260 822 2020 2021 2022 2023 2024 9M25 Argentina Brazil 3,868 6,289 7,270 4,897 5,431 3,904 25% 50% 36% 25% 17% 25% EBITDA margin in intensified downward cycle 113 1.412 1.375 349 448 1.350 2020 2021 2022 2023 2024 2025 370 2.004 1.334 791 557 489 2020 2021 2022 2023 2024 9M25 183 586 509 246 176 174 2020 2021 2022 2023 2024 9M25 a a a aa a 946 3.164 2.628 1.227 948 984
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Debt Profile September/2025 Debt profile restructuring with extended maturity and lower cost Source: Unipar | Note (1): Export Credit Agency 24 1.720 97 94 70 59 724 2.262 Cash Position September/2025 4Q25 2026 2027 2028 2029 2030+ AA+(bra) 74% Capital Market 18% Development Bank 6% ECA1 2% Working Capital ✓ Liability management in July 2025 ▪ 10th Debenture Issue of R$900 million (7 - and 10-year series) ▪ Early redemption of old debentures (approx. R$550 million) ✓ BNDES Climate Fund / FINEM – Environment: disbursement of R$370 million through September 2025 (55% of the total credit line) ✓ Conclusion of financing disbursements guaranteed by Euler Hermes (US$43 million) R$1.6 billion Net Debt 1.12x 90% matures after 2029 (In R$ million) 6Net Debt/EBITDA 76 months Average Term Highlights Composition 47-month coverage
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Operational excellence and safety remain among the Company’s pillars FINANCIAL SOUNDNESS AND RESILIENCE AMIDST DOWN CYCLES AND CURRENT CHALLENGES FOCUS ON INCREASING FUTURE COMPETITIVENESS Priorities for the coming years 25 ✓ Operational excellence, with higher sales volume of chemicals compared to vinyls and focus on local markets ✓ Recurring Adjusted EBITDA margin of 20%, resulting in solid operating cash generation ✓ Active liquidity and debt profile management, with 90% of debt maturing from 2029 onward at competitive costs ✓ Standardization of the operations the new plant in Camaçari/BA ✓ Technological modernization of Cubatão/SP according to the schedule ✓ Increase in Emulsion PVC production capacity in Santo André/SP ✓ Strategic CAPEX aligned with best ESG practices ✓ Focus on the strategy to expand the sale of chlorinated products
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Disclaimer
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Av. Juscelino Kubitschek, 1,327 – 22nd floor Zip Code 04543-011 São Paulo/SP- BRAZIL Tel.: 55 11 3704 4200 E-mail: ri@unipar.com Website: ri.unipar.com/en